Neometals (ASX:NMT) has now purchased over 8 million of its own shares for close to $2.2 million, as the company continues its on-market buying program.
In total Neometals can purchase 28.1 million shares under the program, allowing for the potential of circa 20 million more to be bought.
Earlier in the week the company revealed a strategy to build a pilot plant in Canada to accelerate the commercialisation of its technology to recycle lithium ion batteries to recover high value materials such as cobalt.
The scoping study estimated operating cost of US$4.45 per pound contained cobalt, leaving a significant margin compared with the current spot prices of circaUS$24.50 per pound.
Agreements have been executed to construct the pilot-scale hydrometallurgical plant in Montreal with the plant expected to be operational in July.