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Lithium Australia enjoys strong growth in battery recycling

–News Direct–

Lithium Australia Ltd (ASX:LIT, OTC:LMMFF) CEO Simon Linge gives Proactive a recap on its June quarter highlights. 319 tonnes of mixed batteries were collected during the period, with a record total of 1,347 tonnes for FY23, representing an increase of 24% on FY22. He says due to strong market demand, the development plan for LFP production has grown from targeting a 200-300 tpa capacity plant to a 2,000-3,000tpa plant. Meanwhile Linge also says commercial discussions are progressing with leading Australian entities regarding its disruptive lithium extraction technology LieNA

As at June 30, 2023, the company has a strong balance sheet with cash and listed investments of A$15 million and no debt.

The company has prioritised cost savings and implemented key measures, including the recent closure of a Melbourne recycling site and consolidation of the Perth office.

Lithium Australia has also restructured its executive leadership team, with a clear focus on defining roles and responsibilities to maximise the core capabilities within the team.

Contact Details

Proactive Investors

Jonathan Jackson

+61 413 713 744

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