Neometals (ASX:NMT) (formally Reed Resources) is focused on the Mt Marion Lithium Project with the aim of becoming an integrated producer of lithium battery materials.
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Neometals makes move to cash in Mt Marion lithium
Neometals (ASX:NMT) is proposing to sell its 13.8% stake in the operating Mt Marion Lithium Project located in Western Australia for US$96 million.
The company gave notice to its joint venturers, which gives them 30 days to decide whether to exercise their pre‐emptive right to buy Neometals' shares at the nominated price of $US96 million.
If there is no exercise of those rights, then Neometals is able to offer the shares to third parties.
Neometals gave notice on 23 March 2017 and understands that one of the joint ventures is in the process of convening a meeting to seek shareholder approval to exercise the right.
The divesture provides Neometals with the ability to re‐direct its capital and energies to higher margin downstream opportunities, as well as its titanium assets.
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