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Neometals approaches buy-back milestone of 20 million shares

At June 30, Neometals held A$62 million in cash and investments, with no debt.
Neometals approaches buy-back milestone of 20 million shares
Neometals continues to buy-back shares

Neometals Ltd (ASX:NMT) has now bought over 19.5 million shares back on-market for a consideration of circa $5.8 million, as the company utilises its strong cash position.

Under the current program, another 8.6 million shares can be bought back.

Neometals currently holds a 13.8% stake in the globally-significant Mt Marion Lithium Project in Western Australia.

Minerals Resources ltd (ASX:MIN) (43.1% stake) is the project operator and Australia’s largest contract minerals processor.

The final partner is Ganfeng Lithium (43.1% stake), which is China’s largest, most diverse lithium producer.

Neometals looks to build technology portfolio

Neometals is also aiming to fast-track evaluation of proprietary recycling process to recover Lithium/Cobalt/Nickel from Lithiumion batteries.

The company also has a strategy to build a royalty portfolio from the commercialisation of Neomet Process with Sedgman and Andritz.

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