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Kidmanâs majority of shareholders voted against the termination benefits tabled at the 2018 Annual General Meeting of the company.
As much as 75.15% shareholders disapproved the resolution on the approval of termination benefits to Mr. Charles McGill in connection with his retirement as an officer of the Company, taking the resolution to ânot carriedâ status. Moreover, the resolution for approval of potential termination benefits hit the first strike as only 65.63% shareholders voted in favor of the resolution.
In address to shareholders, Kidmanâs Chairman John Pizzey stated that rise in production of electric vehicles will drive a continued demand for specific lithium ion batteries that will in turn generate a significant growth in the lithium hydroxideâs demand. Â
On market opportunity front, Western Australia is expected to sit on the top position of global producer of processed lithium for worldwide battery manufacturers. In 2017, Western Australia has delivered 90% of worldwide spodumene production and the global lithium supply of 50%. With this, Lithium demand is anticipated to increase at circa 20% per year through to 2025.
Mr. Pizzey stated that though there are several end users of lithium, electric vehicles manufactures will be the dominant player in driving the growth of lithium demand. There is an expectation that approximately 70% of lithium demand in 2025 might be driven by electric vehicle batteries, up from 45% in 2017.
The management stated that the prefeasibility study by the Covalent Lithium JV on the integrated Mt Holland Lithium Project is anticipated to be completed by the end of 2018. Whereas, a definitive feasibility study on the project is slated for completion by the first half of 2019. Following the due receipt of all required approvals and the final investment decision, the company intends to begin construction of the project in the 2H of 2019.
Managing Director and CEO of Kidman Martin Donohue emphasized on certain actions taken by the company in strengthening its financial position. It includes the credit facility of US$100 million provided by the joint venture partner Sociedad Quimica y Minera (SQM). The facility is in connection with Kidmanâs capital expenditure contribution required for the construction of Mt Holland Lithium Project. This debt financing is said to be consistent with Kidmanâs strategy to make major contribution for the project through debt financing.
In todayâs trading session, Kidmanâs share price plunged by 1.128% or $0.015 to last trade at $1.315 on 6 December 2018. Over the past one year, the stock of Kidman Resources Limited (ASX:KDR) has seen a performance change of -14.19% but in the past three months, the stock price was up by 34.34%.
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