G2 Goldfields to raise $31 million for Oko project in Guyana
AngloGold Ashanti is purchasing about 9 million shares and a single European investor is picking up the remainder.
Lithium miner Allkem posted a 9.7% jump in first-quarter revenue on Thursday as higher production from its flagship Mt Cattlin project in Western Australia canceled out the impact from lower lithium prices.
Allkem recorded an over threefold jump in spodumene concentrate shipments from its Mt Cattlin operations to 76,631 dry metric tonne (dmt), generating revenue of $201.1 mln.
That more than offset a fall in spodumene concentrate prices to $2,625 per dmt for the September quarter, from $5,028 per dmt in the previous year.
Meanwhile, lithium carbonate production at the company’s Olaroz lithium project came in at 4,453 tonnes, 35% higher than the previous year.
Allkem said its Olaroz Stage 2 expansion project, which achieved its first wet production in mid-July, is on track for production in the second half of calendar year 2023, with the ramp-up expected to take about 15 months.
The Argentina-headquartered company, which is nearing the close of its $10.6 billion merger with Livent Corp, said revenue was $327 million for the three months ended Sept. 30, compared with $298 million a year earlier.
Allkem and Livent expect the deal to be completed by the end of 2023. The merger would create the world’s third-largest producer of the metal used to make electric vehicle batteries.
Shares of Allkem fell 3.6% to A$10.18 in early trade.
(By Shivangi Lahiri and John Biju; Editing by Pooja Desai and Devika Syamnath)
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