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Lithium miner Allkem Ltd said on Wednesday it expects lower ore output in fiscal 2023 due to skilled labour crunch in Western Australia, although prices for the white metal are expected to be higher in the current quarter.
The Buenos Aires, Argentina-headquartered miner expects to produce between 160,000 and 170,000 dry metric tonnes (dmt) of spodumene concentrate for the year ending June 2023 from Mt Cattlin, significantly lower than the 193,563 dmt it produced in fiscal 2022.
However, it expects ore prices in September quarter to be higher sequentially as demand for lithium – a key ingredient in electric-vehicle batteries – has sky-rocketed in recent times as the world looks to transition to greener sources of energy.
The miner also warned of higher costs in fiscal 2023, citing ongoing impact of covid-19 in the resource-rich state of Western Australia and a tight market for skilled workforce.
For the quarter ending June 30, the miner’s revenue rose 43.4% sequentially to $337 million as realised prices for spodumene concentrate ore, from which lithium is extracted, more than doubled from the previous quarter.
For the year, spodumene concentrate output was 193,563 dmt, hitting nearly the mid-point of its forecast of 192,000-196,000 dmt.
Allkem, which also mines lithium carbonate from its Olaroz facility in Argentina, logged $41,033 per tonne free-on-board (FOB) for the commodity in the fourth quarter, marginally higher than its forecast of $40,000 per tonne FOB.
(By Jaskiran Singh; Editing by Krishna Chandra Eluri)
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