Mineral Resources Limited (ASX: MIN) has completed the purchase of additional equity in the Mt Marion Lithium Project in WA’s Goldfields for $51.9 million. MinRes and Ganfeng Lithium Co. agreed to jointly and equally acquire Neometals’ 13.8% interest in Mt Marion for $103.8 million in cash. MinRes will now own 50% of the project.
Mineral Resources Limited (ASX: MIN) has completed the purchase of additional equity in the Mt Marion Lithium Project in WA’s Goldfields.
As announced to the ASX on 21 December 2018, MRL and Ganfeng Lithium Co. Ltd (“Ganfeng”) executed a sale agreement with Neometals Ltd (ASX: NMT) for MRL and Ganfeng to jointly and equally acquire Neometals’ 13.8% equity interest in Mt Marion for an aggregate A$103.8 million cash.
Following the receipt of all relevant approvals and the payment by MRL of A$51.9 million to Neometals, MRL’s subsidiary Process Minerals International Pty Ltd has now increased its equity interest in Mt Marion from 43.1% to 50%.
The acquisition of the additional Mt Marion equity interest is consistent with MRL’s strategy of identifying value-adding opportunities in the lithium sector.
