Lithium Australia to sell Lake Johnston stake for $2 million
November 20, 2023 at 11:46 am EST
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Lithium Australia Ltd (ASX:LIT, OTC:LMMFF) CEO Simon Linge tells Proactive the company has signed a binding agreement to sell its remaining interest in the Lake Johnson Lithium Project to Charger Metals Ltd, bringing Charger's interest in the asset to 100%. LIT will receive $2 million in return for the sale and retains first right of refusual for an offtake agreement on commercial terms for up to 30% of lithium products produced from the project.
Linge said: “We are excited by the opportunity to engage with Charger Metals regarding the sale of Lithium Australia’s remaining holding in the Lake Johnston Lithium Project. As a significant shareholder of Charger, we are excited by the partnership between Rio Tinto and Charger and believe this provides a win-win outcome for all. The transaction reaffirms our commitment to focusing on our core operations, while aligning the company to its ESG ambitions."
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Proactive Investors
Jonathan Jackson
+61 413 713 744
jonathan@proactiveinvestors.com
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Lithium Australia Limited is an Australia-based company, which develops processing technology to produce lithium ferro phosphate, and also develops lithium extraction technology. The Company's Lithium Chemicals segment consists of research and development of a suite of extraction and refining technologies for the recovery of lithium chemicals from various materials, including spodumene, lithium micas and end of life lithium-ion batteries. Its Battery Materials segment provides research and development of advanced, battery materials, including lithium ferro phosphate and lithium manganese ferro phosphate. Its Battery Recycling segment offers research and development of processing technology for mixed-battery recycling, as well as the sale of recovered energy metals. The Company shreds and recycles all types of end-of-life batteries at its Melbourne facilities. Its process involves recovery of energy metals as a mixed metal dust, which is then exported for further refining.