(Reuters) - Australia's Altura Mining <AJM.AX> said on Tuesday it has signed a five-year agreement to supply spodumene concentrate, the raw material for lithium, to a Chinese producer of the battery metal.
The miner also said it had pulled out of an existing 50,000 tonnes per annum (tpa) supply deal with its former biggest investor and one-time suitor, China's Shaanxi J&R Optimum Energy (JRO) <300116.SZ>.
"The cancelling of the JRO offtake arrangement is extremely positive given its well publicised and long-running restructuring activities," said Managing Director James Brown.
Shaanxi J&R last month sold out of Altura and a company spokesperson suggested that its debt and restructuring troubles would affect its ability to buy contracted supply from Altura.
Under a new agreement, Altura will supply Chinese lithium producer Shandong Ruifu with 35,000 tpa of 6% grade spodumene concentrate until June 2024.
The company said the new deal was priced at between $550 and $950 per dry metric tonne depending on lithium oxide content.
Shares of Altura rose as much 4.4% against a broader market <.AXJO> down about 0.4%.
(Reporting by Devika Syamnath in Bengaluru; Editing by Joseph Radford and Richard Pullin)
