Neometals Ltd (ASX:NMT) has now bought over 19.5 million shares back on-market for a consideration of circa $5.8 million, as the company utilises its strong cash position.
Under the current program, another 8.6 million shares can be bought back.
Neometals currently holds a 13.8% stake in the globally-significant Mt Marion Lithium Project in Western Australia.
Minerals Resources ltd (ASX:MIN) (43.1% stake) is the project operator and Australia’s largest contract minerals processor.
The final partner is Ganfeng Lithium (43.1% stake), which is China’s largest, most diverse lithium producer.
Neometals looks to build technology portfolio
Neometals is also aiming to fast-track evaluation of proprietary recycling process to recover Lithium/Cobalt/Nickel from Lithiumion batteries.
The company also has a strategy to build a royalty portfolio from the commercialisation of Neomet Process with Sedgman and Andritz.