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Australia’s Liontown Resources said on Monday it had dispatched the first shipment of lithium ore spodumene from its Kathleen Valley project, marking the start of revenue and cash flow generation from its flagship lithium operations.
The miner also said it had achieved a premium price for the initial spot sale of 10,000 metric tons of uncontracted spodumene concentrate to a Singapore-based trader, with shipment scheduled for early fourth quarter of this year.
Liontown started producing spodumene concentrate at the Kathleen Valley project in Western Australia in July. Once ramped up, the project will produce 3 million tons of spodumene concentrate a year.
In addition to the spot and ramped-up tons sales, Liontown said it would subsequently start fulfilling its strategic offtake agreements with LG Energy Solution, Tesla and Ford.
The announcement comes as the lithium market reels from rapid supply growth that has outpaced strong projections for demand amid a slower-than-expected uptake of electric vehicles.
(By Himanshi Akhand; Editing by Tom Hogue and Subhranshu Sahu)
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