Neometals Limited (ASX:NMT)
is proposing to sell its 13.8% stake in the Mt Marion lithium project in Western Australia.
The lithium miner has already notified its JV partners at the site that it plans to sell its stake in Reed Industrial Minerals (RIM) for about US$96 million.
Under the shareholder agreement, the other shareholders of Reed Industrial Minerals have 30 days to decide whether to exercise a pre-emptive right to buy Neometals stake in the site for the nominated price (of $96,001,080).
Neometals says one shareholder of the site is already seeking its shareholder approval to potentially buy the stake in mine.
Shares in Neometals Limited (ASX: NMT) last traded 4.84% higher to 32.5 cents.