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LITHIUM EXPERT PROMOTED FROM EXEC DIRECTOR FOLLOWING EXECUTIVE SEARCH
Growing multi-asset West Australian lithium company Global Lithium Resources Limited (ASX: GL1, “Global Lithium” or “the Company”) is pleased to announce the appointment of Mr Ron Mitchell as Managing Director, effective 1st June 2022. Ron joined the GL1 board on 1st March 2022 as Executive Director – Markets & Growth.
Key Highlights
- Executive Director Ron Mitchell appointed Managing Director of Global Lithium Resources (ASX:GL1) following executive search process
- Mr Mitchell has more than 25 years’ experience in senior commercial, strategy, sales and business development roles including more than 10 years in the lithium and battery metals industry
- Mr Mitchell is the inaugural Chairman of the London Metal Exchange (LME) Lithium Committee, a role he has held for more than two years
- Previously Sales Director, International Business Group for global lithium company Tianqi Lithium Corporation
GL1 commenced an executive search process through Gerard Daniels for the Managing Director Role at the beginning of 2022. The search, coupled with Mr Mitchell’s performance since joining GL1 in March, confirmed to the Board that he is the ideal candidate to lead the Company in its next stage of growth, where it looks to transition to a significant lithium developer.
Mr Mitchell has already been a part of a number of significant developments at GL1 since joining the Company, including the signing of a 10-year offtake agreement with major shareholder Suzhou TA&A Ultra Clean Technology Co. Limited, the introduction of Mineral Resources (ASX:MIN) as a cornerstone investor and the commencement of the Company’s maiden drilling campaign at the Manna Lithium Project. This involvement, in addition to GL1’s rapid growth since listing on the ASX just over 12 months ago, sets a strong platform for Ron to build from as Managing Director.
As detailed in his board appointment announcement (ASX Announcement 13th January 2022) Mr Mitchell has more than 25 years’ experience in senior commercial, strategy, sales and business development roles including more than 10 years in the lithium and battery metals industry with senior roles at Tianqi Lithium
Corporation and Talison Lithium. He is also the inaugural Chairman of the London Metal Exchange (LME) Lithium Committee, a role he has held for more than two years.
As Managing Director, Mr Mitchell will be accountable for all strategic partnership negotiation, the day-today activities on the ground at the Company’s portfolio of WA lithium assets, business growth opportunities and work towards fast tracking asset development and production.
In addition to the appointment of Managing Director, the Board will continue to strengthen the Company by looking to add further project development skills and other key executive roles as GL1 advances towards project evaluation, development and production.
Global Lithium Non-Executive Chair, Warrick Hazeldine commented,
“Whilst we had commenced an executive search to identify the right person to lead the Company in its next stage of growth towards development and production, over the last couple of months it became evident that we already had the right person for the job on the team.
Ron is truly a leader in the lithium space and his knowledge of the global lithium market is second to none. The feedback we received from both institutions and private investors alike, is that this is who they wish to see at our helm as we advance GL1.
We look forward to the future with Ron as MD and we are confident the transitional stage ahead for the Company is going to be an exciting one.”
Newly appointed Managing Director, Ron Mitchell said,
“I am very pleased to accept the role of Managing Director at GL1, a company that is well positioned in terms of having two highly prospective lithium exploration projects in two prominent mining jurisdictions here in Western Australia. In addition, the experience and integrity of the Board and management team is compelling and best in class.
It is my firm view that we are still in the early stages of the global e-mobility energy transition and the lithium industry has tremendous upside potential. I look forward to building GL1 into a global lithium brand and am committed to the long-term success of the company, our shareholders, and the broader industry.”
Click here for the full ASX Release
This article includes content from Global Lithium Resources Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
GL1:AU
Strategy Update and Cost Restructure
HIGHLIGHTS
- Strategic focus on scaling Envirostream, the Battery Recycling division, due to the potential of increased recycling volumes and cashflows over the years ahead
- Battery Recycling: Continued safe operations, growing volumes and operating profits, and seek partners to scale operations in line with the expected waste outlook
- Livium is well advanced on the near-term commercialisation pathways of its other technologies:
- Battery Materials: Defined pathway for development of an Australian LFP demonstration plant with funding to be secured directly into VSPC from strategic partners
- Lithium Chemicals: Complete JDA activities with MinRes, including assessment of alternate commercialisation pathways and selection of the preferred lithium product
- Restructuring of the organisation and cost reductions being undertaken with estimated annual ongoing savings of A$1.5m
Comment regarding the strategic update from Livium CEO and Managing Director, Simon Linge
"We have advanced our strategy to inflection points, with the next phases of growth for each division requiring strategic partners to underpin their growth and development. With a focus on strategic growth partners, we have reviewed our resourcing and made the decision to restructure our organisation and reduce costs.
Livium remains committed to delivering returns for shareholders. Whilst organisational changes may impact our ability to react to opportunities, right sizing the organisation assists in resetting the Company's cost base to become sustainable over this critical period."
NEAR TERM PLANS
The following activities have been identified as key to delivering value in the near term:
- Battery Recycling: Continued safe operations, growing end-of-life volumes, and seeking partners to scale operations in line with the expected waste outlook and to expand into related services
- Battery Materials: Secure funding for an Australian LFP demonstration plant from government and private strategic partners, who will invest directly into VSPC
- Lithium Chemicals: Complete JDA activities with MinRes, including assessment of alternate commercialisation pathways and selection of the preferred lithium product
- Corporate: Complete implementation of organisation restructure and other cost saving initiatives.
BATTERY RECYCLING GROWTH OUTLOOK
The Battery Recycling division generates revenue today, is the largest recycler of lithium-ion batteries in the country, draws on our technical expertise to provide value-added services and has strong commercial relationships. Strategic focus is being placed on Battery Recycling, through Envirostream, due to the potential of increased recycling volumes over the coming years.
During CY2024, Envirostream successfully increased volumes of EV' andESS2 with most of the volume being received under exclusive customer arrangements. Over CY2024, Envirostream collected 736k tonnes of large format batteries and it is estimated that there are five times these volumes available today which are increasingly expected to be recycled due to consumer demand and government regulation. In their Battery Market Analysis, B-cycle show how EV and ESS batteries are expected to dominate3.
Figure 1. EOL Battery Projections by Market Segment3
Focusing on only EV / ESS for the balance of the decade demonstrates the near-term opportunity for Envirostream collections growth relative to current performance.
Figure 2. 5-Year EV and ESS EOL Battery Projections3
The near-term outlook for Envirostream is positive, enabling increases of volumes collected and processed, and providing an opportunity to expand our service offerings in line with market requirements.
To accommodate expectations of market growth, the business intends to explore deploying growth capital to improve operating efficiencies and expand capacity. The company has appointed advisors to coordinate discussions around partnership and growth funding options, which includes both strategic partners and other financiers.
Click here for the full ASX Release
This article includes content from Livium Ltd, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.