(Alliance News) - Neometals Ltd on Thursday said its joint venture firm, Reed Advanced Materials Pty Ltd has ceased discussions with Reed Advanced Materials Pty Ltd regarding the evaluation of a lithium refinery in Estarreja, Portugal.
Shares in Neometals were down 8.6% at 8.00 pence each in London on Thursday afternoon.
The London-based battery materials producer said Reed will now complete the final stage of the pilot test work and intends to commercialise its proprietary ELi process.
Neometals holds a 70% stake in Reed, while Mineral Resources Ltd owns 30%.
Back in October, Neometals had reported that lithium refinery adjacent to Bondalti Chemicals SA's chlor-alkali operations in Estarreja would be operated by potential 50:50 joint venture between Bondalti and Reed, under a co-operation agreement between RAM and Bondalti to evaluate the project.
Neometals Managing Director Chris Reed commented: "Neometals appreciates the collaboration with Bondalti in advancing the commercialisation of our ELi™ process. We are committed to the commercialisation of ELi™ which we see as the future of sustainable low-cost lithium production from brines to meet the demands of the transport electrification and energy storage thematic. In light of the current price cycle, we will pivot towards a more conservative business model for commercialisation."
By Sabrina Penty, Alliance News reporter
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Neometals (NMT)