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16 Feb Australian Minerals Recycler Neometals Seeks Dual Listing in London
Australia-based mineral project developer Neometals [NMT:AU] is seeking a secondary listing on the London Stock Exchange (LSE), as reported by Bloomberg on February 14. Neometals, which possesses technology for recycling lithium-ion batteries and vanadium, believes the IPO will benefit from UK and European investors’ interests in sustainable circular battery value chains. Neometals’ stock will begin trading on February 28, and the company now has roughly AUD120m (USD85.3m) in cash and investments.
Neometals owns four low-carbon material production projects, including a lithium-ion battery recycling complex, a vanadium recovery project, a lithium processing project, and a titanium and vanadium project. Specifically, the lithium-ion battery recycling project, managed by the joint venture (JV) established by Neometals and Germany’s SMS group, is expected to begin operations in 1H22. The JV will use Neometals’ recycling technology to recover lithium, nickel, cobalt, and other materials from used electric vehicles (EVs) and consumer electronics, with a waste processing capacity of 10 tonnes per day. Additionally, the JV has signed an agreement with Canadian steel giant Stelco [STLC:CN] in 2021 to commercialize lithium-ion battery recycling technology in the North American market. Stelco aims to construct a 50-ton per day waste EV processing facility at a plant in Ontario to convert waste steel into green steel.