SYDNEY, AUSTRALIA: Lithium Australia NL (ASX: LIT) currently holds a 90% interest in battery recycling entity Envirostream Australia Pty Ltd, with the remaining 10% held by Envirostream managing director Andrew Mackenzie.
Indicative terms for its acquisition of the final 10% of Envirostream have been agreed, with negotiations at an advanced stage and a purchase price of $250,000 contemplated.
It is intended that Andrew Mackenzie will continue as managing director of Envirostream following completion of the acquisition. While the Company cautions that no binding agreement has yet been reached, and that there is no certainty that any such binding agreement will be reached, the current completion date is 1 March 2022. The Company will make further announcements in due course.
Comment from Lithium Australia managing director Adrian Griffin, “With the Battery Stewardship Scheme now operating, the Company’s acquisition of the final 10% equity in Envirostream is considered a strategic imperative, since battery deliveries are increasing. As Australia’s only EPA-permitted and licensed recycler of mixed batteries, including lithium-ion batteries, Envirostream is setting the standard for world’s best practice, with safe storage facilities, limiting of battery quantities onsite and firewall isolation of storage compartments.
The Company’s goal is to keep spent batteries out of landfill, handle them safely and efficiently and return as much as possible of the critical materials they contain to the battery industry to improve sustainability.”