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Philip has more than 20 years' experience writing about companies, general finance and investing matters for a variety of publications. His career has involved spells at the Investors Chronicle, where he was small companies and companies editor, Investors Week and most recently as editor of online financial news wire Sharecast. He has also contributed to a wide range of financial-focused publications on a freelance basis. Read more
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Revenue will be generated from the receipt of gate fees for the collection and storage of Li-ion batteries
Technology Minerals boss Alex Stanbury said completion of the proposed full acquisition of associate Recyclus will crystallise its efforts to become a fully circular battery metals business from mining through to recycling.
Recyclus has commenced its ramp-up at the Tipton plant after receiving the final approval required to commence fully automated operations, he said, with the aim to open multiple lithium and lead acid battery recycling facilities over the coming years.
The plant will recycle lead-acid batteries while another plant, at Wolverhampton, will process lithium-ion units to produce “black mass”, which contains critical battery metals that can be sold back into the battery supply chain.
Recyclus anticipates revenue at Wolverhampton will be generated from the receipt of gate fees for the collection and storage of Li-ion batteries and from the sale of the black mass produced during the recycling process, while Tipton will recover lead, acid and plastic materials.
Losses for the year to end June 2023 were £3.92 million (£1.78 million).
Since June, Technology Minerals has raised £1.2 million through the issue of convertible loan notes.
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