Neometals completes Mount Marion lithium mine divestment
Date: Mar 21, 2019
Australian lithium miner Neometals on Monday March 18 completed the sale of its 13.8% equity interest in the Mount Marion lithium project in Western Australia to co-shareholders Ganfeng Lithium and Mineral Resources Ltd.Ganfeng and Mineral Resources now each own a 50% stake in the project, after paying A$103.8 million ($73.66 million) for Neometals’ equity interest.
The agreement includes a binding life-of-mine offtake option for 57,000 tonnes per year of Mount Marion’s output of lithium spodumene, min 6%, giving Neometals access to feedstock for lithium chemicals.
Mount Marion produced 418,711 tonnes of lithium spodumene in 2018.
Neometals will now focus on developing its Barrambie titanium and vanadium project in Western Australia and completing its lithium-ion battery recycling pilot plant in Canada.
