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Neometals Ltd on Thursday said it increased its holding in the Finnish vanadium recovery project’s incorporated joint-venture company Recycling Industries Scandinavia AB to 72.5% via its wholly-owned subsidiary Ecometals Pty Ltd.
The London-based sustainable battery materials producer said Ecometals was entitled to acquire 22.5% of joint venture partner Critical Metals Ltd’s 50% holding in Recycling Industries Scandinavia equity from the latter’s subsidiary.
This will be conducted by Neometals, again via Ecometals, converting its A$3.0 million shareholder loan, following Critical Metals’ contribution of A$300,000.
As a result, Critical Metals will reduce its holding in Recycling Industries Scandinavia to 27.5% via its subsidiary.
Neometals said it and Critical Metals, through Recycling Industries Scandinavia, are working towards a final investment decision to construct a facility in Pori, Finland to process and recover high-purity vanadium pentoxide from slag generated in Scandinavia.
It added Neometals’ wholly-owned subsidiary Avanti Minerals Ltd has licensed Recycling Industries Scandinavia its vanadium recovery processing flowsheet for the Finnish vanadium recovery project.
Recycling Industries Scandinavia also has a second partnership opportunity to apply this technology elsewhere in Scandinavia, Neometals said.
Shares in Neometals were up 3.4% to 32.04 pence each in London on Thursday morning.
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