Australia's Allkem ups cost estimates for major lithium projects; shares fall

Allkem

25/09/2023 04:32

** Shares of Australia's Allkem  AKE.AX  fall as much as 5%
to A$11.41; set for its worst day since Sept. 21
    ** The lithium miner flags increasing capital costs for its
projects, including the Canadian James Bay project
    ** Raises capital cost estimates for James Bay to $381.5
mln, a 33.8% jump compared to from Dec 2021 estimate
    ** Raises cost estimate for Cauchari lithium brine project
in Argentina to $659 mln from $446 mln; flags rise in operating
costs $4,081 per tonne lithium carbonate equivalent from $3,560 
    ** Co, which is merging with U.S. lithium giant Livent
 LTHM.N , says increase in estimates in line with rising
inflationary pressures
    ** Stock has risen 6.9% this year, as of last close 

 (Reporting by Rishav Chatterjee in Bengaluru)
 ((Rishav.Chatterjee@thomsonreuters.com;))