6th Apr 2023 09:53
(Alliance News) - Neometals Ltd on Thursday said it increased its holding in the Finnish vanadium recovery project's incorporated joint-venture company Recycling Industries Scandinavia AB to 72.5% via its wholly-owned subsidiary Ecometals Pty Ltd.
The London-based sustainable battery materials producer said Ecometals was entitled to acquire 22.5% of joint venture partner Critical Metals Ltd's 50% holding in Recycling Industries Scandinavia equity from the latter's subsidiary.
This will be conducted by Neometals, again via Ecometals, converting its AUD3.0 million shareholder loan, following Critical Metals' contribution of AUD300,000.
As a result, Critical Metals will reduce its holding in Recycling Industries Scandinavia to 27.5% via its subsidiary.
Neometals said it and Critical Metals, through Recycling Industries Scandinavia, are working towards a final investment decision to construct a facility in Pori, Finland to process and recover high-purity vanadium pentoxide from slag generated in Scandinavia.
It added Neometals' wholly-owned subsidiary Avanti Minerals Ltd has licensed Recycling Industries Scandinavia its vanadium recovery processing flowsheet for the Finnish vanadium recovery project.
Recycling Industries Scandinavia also has a second partnership opportunity to apply this technology elsewhere in Scandinavia, Neometals said.
Shares in Neometals were up 3.4% to 32.04 pence each in London on Thursday morning.
By Greg Rosenvinge, Alliance News reporter
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