Lithium miner Allkem's annual profit rises 45% on strong prices, output (updated)

Allkem

21/08/2023 23:48

(Adds CEO comment in paragraph 6, background and details
throughout)
       Aug 22 (Reuters) - Global lithium miner Allkem Ltd
 AKE.AX  on Tuesday reported a 45% rise in its full-year profit,
underpinned by higher output at its Olaroz and Mt Cattlin
projects, along with strong realised prices for spodumene.
    The Mt Cattlin and Olaroz projects as well as higher average
realised prices for its commodities, benefited from a global
push by automakers to ramp up their electric vehicle production.
   
    Prices of lithium, one of the key metals used in
manufacturing batteries used in electric vehicles, have soared
during the year due to increased demand for the battery metal
and as businesses move towards renewable forms of energy. 
    The Argentina-based miner, which inked a $10.6 billion
merger deal with Livent Corp  LTHM.N  in May, recorded a net
profit attributable of $441.7 million for the year ended June
30, compared with $305.7 million a year ago. 
    The company's Olaroz-stage 2 achieved first wet production
in mid-July with commissioning to continue and ramp up over next
12-18 months. 
    "We also proved up a mine life extension at Mt Cattlin that
will see the mine operate until at least 2027 while we evaluate
underground mining options," Chairman and CEO Martin Perez de
Solay said. 

 (Reporting by Poonam Behura and John Biju in Bengaluru; Editing
by Krishna Chandra Eluri and Shailesh Kuber)
 ((John.Biju@thomsonreuters.com;))