Lithium Australia NL (ASX:LIT) is in a trading halt with news pending of a proposed agreement in regard to a recycling supply agreement with a major company.
The trading halt will remain in place until the beginning of regular ASX trading on Monday, August 24, or when an announcement is released to the market, whichever occurs earliest.
Since July 16 shares have traded in the range of 4.5 cents to 7.1 cents and last traded at 5.4 cents before the trading halt.
Manufacture of lithium ferro phosphate (LFP)
Lithium Australia and its subsidiaries continue to make progress with various technologies to serve the growing lithium-ion battery and energy storage industries.
The company has recently produced high-performance battery cells using lithium recovered from mine waste and spent lithium-ion batteries via proprietary technology.
Wholly-owned subsidiary VSPC Ltd has been evaluating low-cost raw-material options for the manufacture of lithium ferro phosphate (LFP) cathode material using its proprietary reduced-cost (VSPC-RC) process.
VSPC's LFP material was used to create battery cells for electrochemical testing which revealed that the cells achieved capacities of up to 161 milliampere hours per gram at a 0.1C discharge rate.
This is equivalent to or exceeding that of the best LFP cathode materials currently on the market and results were in excess of the capacity specifications of commercial battery-cell manufacturers.