Neometals Searching For Mt Marion Buyer

THE BOURSE WHISPERER: Neometals (ASX: NMT) has been informed by its Joint Venture partners in the Mt Marion lithium project they are not keen on purchasing the company’s remaining 13.8 per cent interest in Reed Industrial Minerals Pty Ltd (RIM), the holder of the project.

Neometals announced a sale price for the project of US$96,001,080 in April 2017 to its JV partners.

Neither of the company’s JV partners, Mineral Resources Limited via its wholly owned subsidiary Process Minerals International Pty Ltd and Ganfeng Lithium Co., Ltd via GFL International Co., Ltd (GFL), have accepted that offer within the offer period under the terms of the pre‐emptive rights procedures under the Shareholders Agreement in respect of RIM.

“As neither Joint Venturer has exercised their rights, Neometals is now entitled within the next sixty days to dispose of its equity interest in RIM to a third party on terms no less favourable to Neometals than those offered to its Joint Venture partners,” Neometals said in its ASX announcement.

“Neometals is now in discussions with interested third parties and will advise the market of any material developments.”