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.’
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