Whitehaven Coal sees higher prices on disruptions
The company's Blackwater and Daunia mines in Queensland, which it recently purchased from BHP, produced 4.8 million tonnes.
Australian lithium miner Allkem Ltd reported a nearly eleven-fold jump in its first-half profit on Friday, boosted by sky-rocketing prices for the battery metal as demand surges amid a global push towards greener sources of energy.
Lithium, a key ingredient in electric vehicles, prices have soared on rising demand from automakers amid increased calls for decarbonisation and a shift towards greener sources of energy, significantly boosting Allkem’s bottom-line.
With customer demand in the spodumene concentrate market “robust”, it expects realised prices in March-quarter to be 5% higher sequentially.
Allkem recorded a net profit attributable of $180.4 million for the half-year ended Dec. 31, compared with $16.6 million reported a year earlier, boosted by record production at its flagship Olaroz facility in Argentina and strong prices.
Earlier, however, the Argentina-headquartered lithium miner cut its annual output outlook for top profit-generating project, Mt Cattlin in Western Australia, to between 114 thousand tonnes (kt) and 124 kt of spodumene concentrate, significantly down from 193.56 kt logged in fiscal 2022.
(By Nausheen Thusoo and Echha Jain; Editing by Krishna Chandra Eluri)
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