Lithium Australia (ASX: LIT) has announced progress on a number of fronts in its strategy of developing value-adding businesses in the fast-growing lithium metal space.
The company detailed significant progress in its technologies to produce lithium chemicals, produce lithium cathode powder, make lithium-ion batteries and in battery recycling.
The company is also evaluating several potential sources of lithium and vanadium.
Lithium Australia has entered an agreement with Chinese battery manufacturer DLG Battery to commercialise its cathode powders in China, and distribute the companies batteries in Australia.
“Formal business plans, including objectives, goals and budgets, have now been completed,” the company said.
“DLG and Lithium Australia will meet in Perth in July to develop the corporate structure required.”
Testing of the company’s cathode powders is underway with potential customers in China, Japan and India.
Lithium Australia is accelerating its research programme with ANSTO which is treating recycled battery material, and is developing a metallurgical flow sheet for the process.
The company recently increased its shareholding in battery recycler Envirostream and plans to acquire 18.9 per cent of the company.
The equity investment has allowed Envirostream to move to boost capacity at its Melbourne battery recycling plant to 1,000 tonnes a year.
Lithium Australia managing director, Adrian Griffin pictured) said: “The activities being undertaken by the company place us in a unique position to provide sustainable solutions to the battery industry and the components that supply that industry.”
Pcture: Lithium Australia/Adrian Griffin
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