Metals
Comstock Inc. announced agreements by LiNiCo Corporation, Comstock’s 88 percent owned subsidiary, to sell LiNiCo’s facility at 2500 Peru Drive, McCarran, Nevada, for a gross price of $27 million. The facility was being leased pursuant to an agreement that permitted LiNiCo to purchase the facility for a purchase price of $15.25 million, of which $3.25 million was previously paid. Comstock expects to receive net proceeds of approximately $12.5 million from the sale of the LiNiCo facility, plus any remaining proceeds from a $1.5 million hold-back deposited in escrow, for up to 18 months, to cover the cost of any potential environmental remediation items subsequently identified by the buyer.
LiNiCo’s facility will receive, sort and store waste LIBs with capacity for expansion. Comstock’s Storey County properties additionally boast a fully permitted mining and metal beneficiation platform that will be ideal for piloting LiNiCo’s crushing, conditioning and separating infrastructure.
Published in the April 2023 Edition