() hadcash reserves of $3.7 million at the end of the June quarter, an increase from $3.3 million on the previous quarter, a position that was strengthened by a reduction in cash spent.<\/p>\n
The company responded swiftly to issues surrounding the COVID-19 pandemic, executing a groupwide strategy driven by four key corporate objectives -employee and stakeholder safety, preservation of capital, transition to a distributed workforce, and resource reallocation to better service near-term cashflow projects.<\/p>\n
Consequently, Lithium Australia and its subsidiaries reduced the amount of net cash spent on operating and investing activities to $469,000,in comparison to $2.701 million spent during the March quarter.<\/p>\n
The companys Melbourne-based recycling division, subsidiary Envirostream Australia Pty Ltd achieved design processing throughput at a time of strengthened commodity prices and is commissioning copper and aluminium recovery circuits ascopper and aluminium prices improve.<\/p>\n
Processing trials for lithium-ion batteries are also ongoing, with a number of electric vehicle and energy storage system producers involved.<\/p>\n
In addition, Envirostream is growing its battery collection initiatives to strengthen revenue and is investigating the use of products from spent alkaline batteries as a micronutrient additive for fertilisers.<\/p>\n
Field trials have commenced in Western Australia and Envirostream is in discussions with leading fertiliser manufacturers regarding supply of its micronutrient blend.<\/p>\n
Finally, Envirostream has received numerous enquiries with respect to establishing more facilities in international jurisdictions.<\/p>\n
During the quarter, Lithium Australias batteries subsidiaries VSPC Ltd and Soluna Australia Pty Ltd continued to push ahead.<\/p>\n
VSPC completed stage 2 of its Australian Manufacturing Growth Centre program, evaluating low-cost feed options for the production of lithium ferro phosphate in a period in which demand for LFP batteries continued to accelerate, given that global EV auto-makers prefer that battery chemistry for their expansion into China.<\/p>\n
Soluna, meanwhile, received regulatory approval for its battery ESSs, with first sales and installations occurring in July 2020.<\/p>\n
This divisionis experiencing strong demand for its systems from both residential and industrial sources and expects to be cash-flow positive by the end of theyear.<\/p>\n
The companys chemicals division welcomed validation of the singularity of its LieNA lithium processing technology, which significantly improves the metallurgical recovery of lithium from fine and low-grade spodumene.<\/p>\n
This was achieved through the grant of a patent from IP Australia, the process having already received federal government funding (through a Co-operative Research Centres Projects grant) for the construction and operation of a pilot plant as the next step towards commercialisation of that process.<\/p>\n
With respect to raw materials, Lithium Australia, Australia Vanadium Ltd () and Mercator Metals Pty Ltd have established a strategic alliance to evaluate the Coates Mafic Intrusive Complex in WA, some 29 kilometres southwest of the Julimar nickel-coper-platinum discovery of .<\/p>\n
The assets controlled by the strategic alliance have the potential to attract the interest of one or more senior partners.<\/p>\n
Meanwhile, cost-cutting and rationalisation activities continue for other assets in the companys raw-materials portfolio.<\/p>\n
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Lithium Australia has cash reserves of $3.7 million at June 30 as it focuses on near-term cashflow projects - Proactive Investors Australia<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" () hadcash reserves of $3.7 million at the end of the June quarter, an increase from $3.3 million on the previous quarter, a position that was strengthened by a reduction in cash spent. The company responded swiftly to issues surrounding the COVID-19 pandemic, executing a groupwide strategy driven by four key corporate objectives -employee and stakeholder safety, preservation of capital, transition to a distributed workforce, and resource reallocation to better service near-term cashflow projects. Consequently, Lithium Australia and its subsidiaries reduced the amount of net cash spent on operating and investing activities to $469,000,in comparison to $2.701 million spent during the March quarter. Continue reading