Rinehart-backed Liontown sees prices curbing new projects
Liontown Resources Ltd., the lithium miner backed by Australian billionaire Gina Rinehart, warned that low prices for the key battery metal would weigh on new projects as it reported improved first-half results.
The firm posted a net loss of A$15.2 million ($9.6 million) for the six months through December, walking back a A$31 million loss from a year earlier, according to a statement Friday. Shares rose 6.1% in Sydney trading at 1 p.m.
While the firm’s Kathleen Valley lithium mine was expected to meet production guidance in the second half, Liontown said that “new projects will be more difficult to induce” at current price levels. Lithium has slumped more than 80% since 2022.
Rinehart holds 18% of Liontown’s stock as the largest shareholder, according to data compiled by Bloomberg.
(By Nasteho Said)
More News
USA Rare Earth merges with Inflection Point, debuts on NASDAQ
The company spent several years privately working to tap the Round Top are earth deposit in west Texas, with ambitious plans to create a domestic supply chain.
March 14, 2025 | 02:04 pm
First Quantum’s Cobre Panama mine ready to suspend arbitration
Panama government will allow the export of 120,000 metric tons of copper concentrate that has been stuck in the shuttered mine for over two years and allow restart of the power plant used to run the mine.
March 14, 2025 | 12:31 pm
{{ commodity.name }}
{{ post.title }}
{{ post.excerpt }}
{{ post.date }}
Comments