Lithium miner Allkem jumps most in 10 weeks on robust production outlook

Allkem

22/08/2023 01:51

** Shares of lithium miner Allkem Ltd  AKE.AX  rise as much
as 4.5% to A$14.5, their biggest intraday pct gain since June 14
    ** Allkem, which is currently subject to a $10.6 billion
merger deal with Livent Corp  LTHM.N , forecast higher spodumene
and lithium carbonate production in fiscal 2024 after it posted
record annual profit on Tuesday
    ** It expects 210,000 tons (kt) to 230 kt of spodumene from
its flagship Mt Cattlin project in 2024, higher than Jefferies
estimate of 187.2 kt
    ** Allkem also expects production costs for Mt Cattlin to
remain lower during 2024
    ** Stock hits highest level since Aug 14
    ** Allkem stock up 23.4% this year, as of last close

    

 (Reporting by Poonam Behura in Bengaluru)
 ((Poonam.Behura@thomsonreuters.com))