26 February 2024
26 February 2024
The initiative was bolstered by a contribution from the Queensland Critical Minerals and Battery Technology Fund.
The company is planning to sell six non-core assets and cut headcount to reduce debt.
Under the proposed all-stock deal, Alumina shareholders would receive 0.02854 Alcoa shares for each share they hold.
The expansion is set to increase the mine's capacity from 200,000 tonnes (t) per day to approximately 350,000t.
Increased cobalt supply from the DRC and Indonesia will primarily support the growth in 2024.
The CODA tenements, covering 15,334 hectares (ha), have shown promising results from exploration drilling.
The decision follows China's tightening of export rules for graphite in December.
The placement involves issuing 100 million new shares at $0.30 each, marking a 6.5% discount to the last stock close of $0.32.
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