Overview

The Mt Marion Lithium Project is located approximately 40km south west of Kalgoorlie, Western Australia and is jointly owned by Neometals Ltd (13.8%), one of China's largest lithium producers Jiangxi Ganfeng Lithium Co., Ltd (43.1%) and a local mining services business (43.1%).

Operations

  • Construction commenced in DecQ 2015.
  • Commissioning in mid-2016.
  • MinRes funds / operates the project from mine to port
  • Current JORC-compliant resource of 77.8Mt @ 1.37% Li2O.
  • 6 deposits all open along strike and at depth.
  • Ore fresh from surface and visually distinguishable (white).

History

Neometals initially signed a farm-in agreement in October 2009 with a local mining services business (MinRes) which saw Neometals retain 100% ownership of the project while MinRes would fund all development costs and build, own and operate the processing facilities in order to earn a 40% share of net profit.

In February 2011 this agreement was amended so that instead of MinRes having a right to 40% profit from sales, they will now have a direct 30% ownership of the project.

In September 2015, an agreement was executed between Neometals, MinRes and Jiangxi Ganfeng Lithium which resulted in Ganfeng taking a 25% in the Mt Marion mine and also agreeing to a life-of-mine offtake agreement.

Mt Marion Lithium Project

Project updates

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  • Neometals agrees the sale of Mt Marion equity for $A104 million and retains offtake rights

    Neometals to sell its Mt Marion project equity to Ganfeng and Mineral Resources for ~A$104 million

    "Life of Mine" offtake option rights for 57,000 tpa of spodumene concentrate

    Strategy to produce higher value lithium chemicals underpinned by certainty from proven feed supply

    Balance sheet strengthened to support project development financing and offtake processes

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  • MIN: Mt Marion 6% Spodumene Concentrate Pricing

  • MIN: Mt Marion Mineral Resource Update

  • Mt Marion Maiden Profit Distribution

    Neometals Ltd is pleased to announce that it has received A$6.21 million as a fully franked dividend from Reed Industrial Minerals Pty Ltd, owner of the Mt Marion project.

    With all joint venture shareholder loans repaid and the Mt Marion Project operating at steady state, Neometals welcomes the commencement of profit distributions (dividends) going forward.

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  • Lithium Hydroxide Project Vendor Test Work Results

  • Neometals' Mike Tamlin on increased production at Mt Marion

  • Neometals features in 60 Minutes story on batteries

  • Mount Marion Lithium Project - Financial Update

  • Neometals to progress integrated lithium chemical production strategy

    Neometals Ltd advises that the sale notice period for its 13.8% equity stake in the Mt Marion Project as originally announced on 7th April 2017, closed, without receipt of a compliant offer.

    The Company has now determined that the retention of the Project equity is in the best interests of shareholders’ given the improved offtake pricing structure and levels, and the achievement of significant Project milestones in the intervening period. The Company believes that these factors have materially enhanced the Project’s intrinsic value.

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  • Update - Mt Marion Lithium Operations

    Mineral Resources Limited (ASX: MIN) and Neometals Ltd (ASX: NMT) advise that pursuant to the terms of the Offtake Agreement with their partner, Ganfeng Lithium, effective from 1 July 2017 the price payable per dry metric tonne of 6% spodumene concentrate produced at Mt Marion and delivered CFR China (Incoterms 2010) increased from US$750 to US$841.

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