Lithium miner Allkem's fourth-quarter revenue drops on weak prices (updated)

Allkem

27/07/2023 24:13

(Adds details on revenue, prices)
       July 27 (Reuters) - Lithium miner Allkem  AKE.AX  said
on Thursday its fourth-quarter revenue fell as weak lithium
prices offset higher output at its flagship Mt Cattlin project
in Western Australia and Olaroz project in Argentina.
    Lithium prices have weakened over the first half, weighed by
concerns about limited demand and excess supply. 
        The spot price of lithium carbonate in China is expected
to average 250,000 yuan this year and could fall to 120,000
yuan, as per Guosen Futures.
  
        The miner sold 46,787 tonnes of spodumene concentrate on
an average sales price of $4,297 per tonne during the quarter.
  
    As a result, the Argentina-based miner, which recently
signed a $10.6 billion merger with Livent Corp  LTHM.N , said
revenue was $334 million for the three months ended June 30,
lower than last year's $337 million.
    
    

 (Reporting by Echha Jain and Mehr Bedi in Bengaluru; Editing by
Pooja Desai)
 ((Mehr.Bedi@thomsonreuters.com;))