Australian hard rock lithium producer Altura enters admn

MELBOURNE, Oct 27 (Reuters): Australian lithium producer Altura Mining Ltd has entered receivership, administrator KordaMentha said, hit by a prolonged period of low prices for battery materials that has been exacerbated by the COVID-19 pandemic.

KordaMentha was appointed as administrator on Oct. 26 by Altura's security agent, BNY Trust Company of Australia Ltd.

It is conducting an urgent assessment of Altura's financial position to begin moving the miner's Pilgangoora operations in Western Australia into care and maintenance in the coming week, the administrator said in a filing late on Monday.

It also called for interested parties to get in touch for sales or recapitalisation opportunities.

Prices for the lithium raw material known as spodumene have dropped 22 per cent this year to $390 a tonne as restrictions on movement aimed at curbing the spread of the novel coronavirus have hit demand for electric vehicles, extending a decline from $950 at the start of 2018.