Lithium miner Allkem's first-quarter revenue jumps nearly 10% (updated)

Allkem

25/10/2023 23:06

(Adds result details in paragraphs 2 to 4)
       Oct 26 (Reuters) - Lithium miner Allkem  AKE.AX  posted
a 9.7% jump in first-quarter revenue on Thursday, driven by
higher production from its flagship Mt Cattlin project in
Western Australia and Olaroz lithium facility in Northern
Argentina.
    The company's Mt Cattlin operation shipped 76,631 dry metric
tonne (dmt) of spodumene concentrate in the September quarter,
significantly higher than 21,215 dmt shipped last 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  LTHM.N ,
said revenue was $327 million for the three months ended Sept.
30, compared with $298 million a year earlier.

 (Reporting by Shivangi Lahiri and John Biju in Bengaluru;
Editing by Pooja Desai)
 ((Shivangi.Lahiri@thomsonreuters.com;))