Commenting on the signing of the Terms Sheet Zinciferous Chairman, Russell Moran, said: 'The Altura Lithium Mine has built an international reputation for high quality spodumene concentrate.
Further, the Terms Sheet does not create any joint venture or partnership between Altura and Zinciferous, and does not bind Altura to complete a Cornerstone Investment.
Zinciferous has entered into an agreement with Tianyuan Lithium Materials Hebei Co Ltd ('Tianyuan Lithium') which owns 100% of the newly constructed Tianyuan Plant ('Option Agreement').
Under the Option Agreement, Zinciferous has the right to acquire up to an 80% interest in the Tianyuan Plant together with certain spodumene concentrate supply and lithium chemicals offtake rights as follows
Zinciferous can earn an initial 15% equity in Tianyuan Lithium as well as a first right to 100% of the lithium chemical production from the plant by investing A$4 million which will be used to hot commission the plant.