Minerals explorer Neometals has been unable to nail down offtake terms with Chinese buyer Jiuxing Titanium Materials Co for its project in the Mid West.
Neometals has revealed plans to demerge its Mt Edwards nickel asset in Western Australia, a move that will allow the company to focus on its core battery materials projects.
India could be the world's next great growth story, and Australia is acting to strengthen its relationship with the country of more than 1.3 billion people.
Neometals will be considering India as the location to build a lithium hydroxide refinery, but previously announced plans for the project to be built in Kalgoorlie will remain as an option.
GR Engineering Services has been appointed to lead a bankable feasibility study for FYI Resources, while Adaman Resources will complete a mining study for Neometals' Barrambie vanadium project.
West Perth-based Neometals will demerge its Barrambie vanadium and titanium project early next year, as the businesses gears up for a final investment decision on its planned Kalgoorlie lithium hydroxide refinery in mid-2019.
Neometals will hold on to its minority stake in the Mt Marion lithium mine after failing to find a buyer, and plans to spin-out its technology and titanium assets into a new company.
Neometals hopes to reap about $US96 million ($A125 million) from the sale of its interest in the Mt Marion lithium mine near Kalgoorlie, with the operation's joint venture partners given a pre-emptive right to buy the stake.
The joint venture partners behind the Mt Marion lithium mine near Kalgoorlie have heralded an inaugural shipment of ore to China, with Mineral Resources becoming the state's third lithium producer.
SPECIAL REPORT: The median base pay of newly appointed chief executives at listed Perth companies fell this year to $295,000, a survey by Business News has found.
Shares in Tawana Resources were up 84 per cent today as the company moved focus from iron ore to lithium, while three more Western Australian companies announced new moves in the lithium sector as keen market interest in the metal continues.
Chinese manufacturer Ganfeng Lithium has more than doubled its offtake agreement with Mineral Resources and Neometals for the Mt Marion project, as interest in the commodity continues to build.
SPECIAL REPORT: The potential for mass production of electric cars is among a number of high-technology trends sparking interest in Western Australia's lithium sector, with a series of companies touting projects to meet a forecast surge in demand.
Perth companies Neometals and Mineral Resources have marked the start of construction at the Mt Marion lithium project, with first production targeted for mid-2016.
Australia is likely to emerge as the clear leader in global lithium production after Perth companies Neometals and Mineral Resources today announced an offtake and funding agreement with a Chinese producer for the planned Mt Marion mine.
Struggling miner Reed Resources has agreed to sell its Comet Vale gold project to a private bidder for $2 million, about a third of the price offered by Crest Minerals in its terminated bid for the project last year.
Reed Resources chief executive Luke Tonkin has tendered his resignation, after just more than 14 months at the helm of the struggling gold miner, which also detailed $70 million of asset impairment
The managing director of collapsed Perth building firm Gavin Construction made an unsuccessful last-ditch bid to recover a failed Karratha laundry project just weeks before appointing administrator
Diversified junior explorer Reed Resources has announced a discounted $40 million capital raising to fund the purchase of the recently acquired Meekatharra gold project.
Reed Resources and joint venture partner Mineral Resources have agreed to amend the ownership structure of the Mt Marion lithium project to achieve a greater alignment of interests for the downstream processing of the minerals for use in batteries.
Reed Resources has moved to expand its tenement portfolio, signing a $3.2 million option agreement to acquire the Mount Marion lithium project near Kalgoorlie.
West Perth-based metals explorer Reed Resources Ltd has received confirmed commitments to a capital raising that will fast track its Barrambie vanadium project.
