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Neometals in trading halt ahead of Mt Marion divestment announcement

The Mt Marion Lithium Project is jointly owned by one of China’s largest lithium producers Jiangxi Ganfeng Lithium.
Neometals in trading halt ahead of Mt Marion divestment announcement
The company specialises in developing industrial and advanced materials

Neometals Ltd (ASX:NMT) has been granted a trading halt with further news pending regarding the divestment of the Mt Marion project.

The trading halt will remain in place until the beginning of trading on Wednesday, March 20, 2019, or when an announcement is released to the market, whichever occurs earliest.

Earlier this month Neometals passed another milestone in the sale of its 13.8% stake in the WA lithium project with Chinese regulatory authorities approving the transaction.

READ: Neometals a step closer to completing sale of 13.8% stake in lithium project

Confirmation by Ganfeng of the Chinese regulatory approval follows the clearance from the Australian Foreign Investment Review Board (FIRB).

If all sale conditions are met, Neometals will receive $103.8 million in cash for the transaction at completion.

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