Australia's MinRes to develop a lithium processing hub in goldfields region (updated)

Poseidon Nickel

17/03/2024 22:12

(Recasts throughout with details and background)
       March 18 (Reuters) - Australia's Mineral Resources
 MIN.AX  on Monday said it intends to develop a lithium
processing hub in Goldfields region of Western Australia via
acquisition of the Lake Johnston nickel concentrator plant and
tenure from Poseidon Nickel  POS.AX .
    "The acquisition aligns with the strategy to process fines
from the Company’s Bald Hill and Mt Marion lithium operations,
new discoveries made by MinRes in the region and third-party ore
in exchange for project equity," the diversified miner said.
        This comes at a time when the Australian government is
considering a 
    tax credit
     for companies that build processing facilities to boost the
value of green energy minerals such as nickel and lithium.
  
        MinRes will pay A$1 million ($655,900)on execution of
the acquisition agreement, A$6.5 million on completion of the
deal and a further A$7.5 million, a year after the completion.
  
     


($1 = 1.5246 Australian dollars)

 (Reporting by Ayushman Ojha in Bengaluru
Editing by Chris Reese)
 ((Ayushman.Ojha@thomsonreuters.com;))