MinRes adds to global lithium production cuts amid downturn
The company will put its Bald Hill lithium mine in Western Australia under care and maintenance starting this week.
Lithium miner Allkem said on Thursday its fourth-quarter revenue eased as weak lithium prices offset higher output at its flagship Mt Cattlin project in Western Australia.
Lithium prices weakened over the first half, weighed down by concerns about limited demand and excess supply.
The Argentina-based miner, which recently signed a $10.6 billion merger with Livent Corp, reported a revenue of $334 million for the three months ended June 30, lower than last year’s $337 million.
Its Mt Cattlin project shipped 46,787 dry metric tons (dmt) of spodumene concentrate in the June quarter, higher than 37,837 dmt shipped last year.
An update on Mt Cattlin’s ore reserves confirmed an additional four to five years of mine life to 2027-2028 via open pit methods, the company said.
The company’s Olaroz project in Argentina sold 3,430 metric tons of lithium carbonate, compared with 3,440 tons last year.
Allkem said the Olaroz Stage 2 lithium facility achieved first wet production in mid-July, with commissioning to continue and ramp up over the next 12 to 18 months.
($1 = 7.1503 Chinese yuan)
(By Echha Jain and Mehr Bedi; Editing by Pooja Desai and Subhranshu Sahu)
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