(Reuters) - Altura Mining Ltd (AJM.AX) said on Tuesday key shareholder Ningbo Shanshan Co Ltd would increase its stake and invest A$22.4 million ($15.8 million) in the company. The lithium miner said it will issue 200 million fully paid ordinary shares to a unit of Shanshan (600884.SS), which would result in the Shanghai-listed company becoming its single largest shareholder with a 19.4% stake. The issue price of 11.2 cents per share is marginally higher than Altura’s last closing price of 11 cents per share on July 19. Shanshan is a China-based supplier of lithium-ion battery materials. Last month, it acquired an 11.8% stake in Altura from the company’s former biggest investor and one-time suitor, China’s Shaanxi J&R Optimum Energy (300116.SZ). Altura’s shares traded as much as 9.1% higher on Tuesday after the announcement, against a 0.3% rise in the broader index Reporting by Rashmi Ashok in Bengaluru; editing by Richard Pullin
China's Ningbo Shanshan has become the majority shareholder in Australia's Altura Mining after buying 200 million ordinary shares for AUD22.4m ($15.8m), giving it a holding of 19.4%. The purchase came weeks after Shanshan, a lithium-ion battery materials supplier, acquired an 11.8% stake in Altura from Shaanxi J&R Optimum Energy.