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Lithium Australia completes first stage of battery recycling investment

Published: 18:25 14 Apr 2019 EDT

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LIT is eyeing valuable vertical integration opportunities

Lithum Australia NL (ASX:LIT) has completed the first part of its 18.9% acquisition of shares in Victorian-based battery recycler Envirostream Australia Pty Ltd.

Under the deal outlined earlier this month, Lithium Australia will acquire 560 shares (18.9%) across four tranches, for a total of $600,000 cash and scrip.

Tranche one, for 240 shares has now been issued and Adrian Griffin has been appointed as a director of Envirostream.

READ: Lithium Australia moves on battery recycling opportunity in Australia

Lithium Australia’s managing director Adrian Griffin said: “We are pleased to partner with Envirostream Australia, the country’s leader in recycling lithium-ion batteries.

“The alliance strengthens our resolve to create a 'circular’ economy by recovering metals from spent batteries, then rebirthing the battery components using our ground-breaking, patented cathode-powder production technology through VSPC LTD.

"Recovering and adding value to battery waste material is a great step forward for the environment, a positive move for Australia’s strategic minerals strategy and a great opportunity for Lithium Australia and its shareholders.”

Lithium Australia with Proactive at ASX Small and Mid Cap Conference

Lithium Australia Ltd (ASX:LIT, OTC:LMMFF) CEO and managing director Simon Linge chats with Proactive's Jonathan Jackson live from the ASX Small and Mid Cap Conference. LIT is at the forefront of advanced materials development to ensure an ethical and sustainable future for the global battery...

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