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Neometals updates on Mt Marion as share buy-back continues

Neometals has a sale process underway for its 13.8% equity in Mt Marion.

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Mt Marion is located in Western Australia

Neometals (ASX:NMT) has provided an update on Mt Marion, with the company saying it is aware that Ganfeng Lithium Co., Ltd issued an announcement of the excellent performance of Mt Marion concentrates in their production of battery quality lithium carbonate and hydroxide, and the volumes of product shipped to date and guidance for the month of June.

Neometals confirms the Mt Marion operations have shipped a total of 79,000 tonnes of concentrates from February to the end of May, including 30,055 tonnes in May (majority 6% Li2O).

A shipment of 35,000 tonnes of similar quality is expected to depart on or about 27 June with another 15,000 tonnes expected the first week of July.

Neometals currently has a sale process underway for its remaining 13.8% equity in Mt Marion.


Share buy-back

Neometals has now purchased 16.5 million shares on-market for a consideration of $4.5 million.

Under the program another 11.6 million shares can still be bought.

Quick facts: Neometals Ltd

Price: 0.36 AUD

ASX:NMT
Market: ASX
Market Cap: $196.33 m
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Neometals secures lithium offtake and potential feedstock from Mt Marion...

Neometals Ltd (ASX:NMT) managing director Chris Reed updates Proactive Investors on the lithium developer’s recent divestment of its Mt Marion Lithium Project for $103.8 million.   As part of the sale agreement, Neometals has secured a binding life-of-mine annual offtake option...

on 27/3/19

2 min read