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- Australian Mines (AUZ) has started producing cathode precursor materials for nickel-cobalt-manganese (NCM) batteries
- NCMs are widely used in the electric vehicle industry and are utilised in major automotive brands such as BMW, Audi and Volkswagen
- Australian Mines’ ability to produce NCM materials is an important step for the company by adding extra value for shareholders in the electric vehicle market
- It has already established its potential to be a globally significant metals supplier by producing battery ready cobalt sulphate and nickel sulphate
- Australian Mines is up a steady 15.8 per cent this morning and shares are currently trading for 2.2 cents each
Australian Mines (AUZ) has started producing cathode precursor materials for nickel-cobalt-manganese (NCM) batteries.
NCMs are widely used in the electric vehicle industry and are utilised in major automotive brands such as BMW, Audi and Volkswagen.
As a result, Australian Mines’ ability to produce NCM cathode precursor materials is an important step for the company in adding extra value for shareholders by operating in the electric vehicle market.
It already has the potential to become a globally significant metals supplier by producing battery ready cobalt sulphate and nickel sulphate from its Sconi project in Queensland.
“Australian Mines aims to be a vertically integrated advanced battery materials developer. We will mine and process ore to deliver high purity technology metals to the fast-growing electric vehicle and storage industries,” Managing Director Benjamin Bell said.
“This activity also benefits our wider group of stakeholders by providing higher-skilled jobs for the local communities where we operate and helping to position Australia as a leading supplier to the electric vehicle revolution,” he added.
Australian Mines is up a steady 15.8 per cent this morning and shares are trading for 2.2 cents each at 11:14 am AEST.
