Lithium Australia’s subsidiary Envirostream Reports First Shipment of MMD from Victoria

2 min read | December 23, 2019 04:56 PM AEDT | By Team Kalkine Media

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Lithium Australia’s subsidiary Envirostream Reports First Shipment of MMD from Victoria

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Perth-based Lithium Australia NL (ASX: LIT), engaged in the extraction, acquisition, recovery and development of lithium deposits, aims to close the loop on the energy-metal cycle in a sustainable way and envisions a circular battery economy with recycling of old lithium-ion batteries (LIBs) to new is intrinsic to this plan.

Recently on 23 December 2019, Envirostream Australia Pty Ltd, a subsidiary of Lithium Australia, announced that the first shipment of MMD has left its upgraded battery recycling plant in Campbellfield, Victoria.

Lithium Australia had increased its interest in Envirostream to 84.1%, as announced on 6 December 2019, which will ultimately become a 90% ownership interest.

Envirostreamâs business model covers collection, sorting, shredding and separation of all components of spent LIBs, making its integrated capacity complementary to Lithium Australiaâs expertise in critical battery-metal-processing. Envirostreamâs battery processing facility is built on international best practice and involved over 3 yearsâ research and development.

Several agreements with manufacturers and retailers have been signed by Envirostream concerning the stewardship of spent LIBs and the company is progressively expanding its collection network across the nation with reliable battery recycling units (fully-compliant with Australian standards).

As for Lithium Australia, the company continues to undertake R&D into its existing proprietary extraction technologies to convert lithium silicates, and unused fines from spodumene processing, to lithium chemicals. Subsequently, Lithium Australia would produce advanced components for the global battery industry as well as for stationary energy storage systems within the country. Once all these milestones are in place, Lithium Australia would be in the place to achieve a vertically integrated lithium processing business.

Stock Performance: LITâs market capitalisation stands at around AUD 33.41 million with ~ 556.77 million shares outstanding. On 23 December 2019, the LIT stock was trading at AUD 0.065, zooming up 8.33% by AUD 0.005 as of AEDT 01:30 PM. LIT has delivered positive returns of 81.81% in the last 1 month and 30.43% Year-to-date.

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