Australia's Alita Resources plans for loan to repay largest shareholder

Lithium miner Alita Resources Ltd's administrators said on Friday the company has entered into a A$70-million ($47.50-million) loan facility agreement with China Hydrogen Energy Ltd to pay back its biggest shareholder.

Earlier this year, Galaxy Resources Ltd, Alita's biggest shareholder, had bought $28.8-million worth of debt in the cash-strapped miner.