Neometals to partner with German firm to commercialize battery recycling tech

(Reuters) - Australia's Neometals Ltd NMT.AX on Thursday signed a preliminary deal with German metallurgical equipment supplier SMS Group GmbH to commercialize the miner's lithium-ion battery recycling technology.

Under the terms of the agreement, Neometals and SMS Group will form an equally-owned joint venture which will further develop, manage and operate Neometals’ lithium-ion recycling business.

Setting up of the joint venture will follow a period, during which the German firm will evaluate results of the technology being used at a pilot plant in Canada.

The agreement come at a time when industry executives expect Australian lithium miners to recover from weaker demand and plummeting prices in the middle of next year.

Earlier this month, Neometals had signed a deal with a Chinese research organization to develop its Barrambie titanium-vanadium project in Western Australia.

Reporting by Shreya Mariam Job in Bengaluru; Editing by Shounak Dasgupta