Neometals secures option to acquire US precious metals recovery business
SYDNEY: Neometals Ltd (ASX: NMT) & AIM: NMT), a sustainable process technology developer, has announced a significant development. The company has secured an option to acquire an 80% equity interest in Precious Metals Recovery, LLC (PMR), a US-based business specializing in recovering precious metals from industrial waste streams using its proprietary hydrometallurgical processing flowsheet known as the PMR Technology.
The option, which expires on August 31, 2024, allows Neometals to conduct thorough due diligence on PMR and its operations. If the acquisition proceeds, Neometals will gain a controlling interest in PMR, aligning with its strategic focus on commercializing processes that produce critical materials through recycling and waste stream recovery. This move will diversify Neometals’ commodity exposure and business model beyond technology licensing for battery materials processes.
The pilot plant, situated in Colorado, represents the culmination of nearly two years of research and development. It has successfully processed over one hundred batches of industrial waste, ranging from 100 kg to 250 kg in size. Currently designed to handle 2 tonnes per day, the plant is operational at 0.5 tonnes per day. Neometals sources industrial waste feedstocks from third parties as needed.
Neometals Managing Director, Chris Reed, emphasized the significance of this opportunity: “Our long-term relationship with PMR has enabled us to evaluate a potential source of short-term cash flow through precious metal recovery from industrial waste. This venture complements our battery materials-focused plant supply and technology licensing models. We aim to demonstrate the technical feasibility of the PMR Technology, achieving lowest quartile operating costs while promoting environmentally friendly precious metals production.”
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