Australia’s Neometals To Sell Mt Marion Spodumene Offtake Option For $23.2 Mln

Neometals Ltd NMT.AX said on Thursday it would sell its spodumene offtake option in the Mt Marion project in Western Australia to the project’s owner for A$30 million ($23.22 million), aiming to refocus resources on core projects.
The Perth-based company had an offtake option to 57,000 tonnes per annum of Mt. Marion’s 6% spodumene concentrate, a source for battery metal lithium, after it sold its stake in the project in 2019 to the then co-owners.
Reed Industrial Minerals Pty Ltd now owns the project.
Neometals, which is focused on lithium-ion battery recycling and vanadium recovery, said the sale proceeds would boost its balance sheet ahead of investment decisions on core projects next year.
The company also said it was conducting a strategic review on the Indian lithium refinery it is exploring in partnership with Manikaran Power Ltd.
Shares of Neometals, which is also exploring a lithium and nickel exploration project at Mt Edwards, were last up 1.9% on Thursday.