Livium Ltd (ASX:LIT, OTC:LMMFF) has completed the sale of its remaining 30% interest in the Bynoe Lithium Project to Charger Metals NL (ASX:CHR) for $500,000 cash.
LIT operates Australia’s market-leading battery recycler, produces critical battery material lithium ferro phosphate (LFP) and has developed a patented lithium extraction technology.
The transaction is aligned with Livium’s strategic focus on existing operations and provides balance sheet flexibility for the company’s key growth initiatives.
Completion of the sale follows Charger Metals exercising its pre-emptive rights to acquire Livium’s remaining interest in Bynoe and was subject to a number of conditions, which have all been satisfied.
Upon announcement of the sale, Livium CEO and managing director Simon Linge said, "The sale of our interest in the Bynoe Lithium Project to Charger Metals marks a significant milestone in our strategy to focus on core operations aligned with our long-term vision.
“This transaction enables us to drive key battery recycling initiatives and enhances our balance sheet flexibility for future growth."
Monetising this non-core asset will increase Livium’s balance sheet flexibility, positioning LIT to pursue the growth of its battery recycling technology and commercialisation of its lithium chemical and battery materials technologies.
The company was recently awarded $850,000 in a grant from the Western Australian Government to establish a battery recycling facility as part of the state’s electronic waste infrastructure funding program.