Andromeda Metals Ltd (ASX: ADN) shares are falling today despite the company updating the market on its carbon capture initiatives. At the time of writing, the Andromeda share price is trading 2.22% lower at 22 cents.
It should be noted that the South Australian miner also released its quarterly activities and cash flow report after market close on Friday.
Let's take a closer look at today's sustainability update from the ASX resource share.
What update did Andromeda Metals report?
The Andromeda Metals share price is edging lower today after the company's latest market updates.
The ASX resource share, which aims to be a leader in sustainable industrial minerals production, is the joint owner of Natural Nanotech Pty Ltd, along with its partner Minotaur Exploration Ltd (ASX: MEP).
In this morning's announcement, Andromeda reported it has signed a $4 million research partnership with the University of Newcastle's Global Innovative Centre for Advanced Nanomaterials (GICAN). The partnership will fund research into carbon dioxide capture through the use of halloysite nanotubes.
According to the release, "The research will investigate the conversion of halloysite nanotubes into advanced nanomaterials that can be utilised as novel adsorbent systems and catalysts for CO2 capture and conversion processes."
The captured carbon dioxide can then either be stored or potentially converted into low-carbon fuels and chemicals.
On 16 April, Professor Ajayan Vinu, Director of GICAN, commented on the carbon capture research, saying:
GICAN team is actively working on increasing the specific surface area of the activated nanocarbon with the aim of reaching the target of 2 tonnes of CO2 per tonne of the adsorbent.
In addition to the CO2 adsorption, our team in collaboration with Andromeda, Minotaur and Natural Nanotech, is currently investigating the conversion of the adsorbed CO2 into fine chemicals, which is quite exciting and will make a huge impact in the field of CO2 chemistry.
Andromeda Metals share price snapshot
Notwithstanding today's falls, Andromeda Metals has posted a stellar year, with shares up 340% over the past 12 months. This more than handily beats the 36% gains posted by the All Ordinaries Index (ASX: XAO) over the same timeframe.
Year to date, the Andromeda Metals share price has been struggling, with shares down 29% so far in 2021.
