Arcadium Lithium (ASX:LTM) is re-evaluating all of its projects, a final and in-depth review of its lithium operations at Mount Cattlin in southern Western Australia.
The company is putting its planned and actual operations in Canada and Argentina under rigorous scrutiny. Without hesitation, he speaks openly about the difficult decisions facing the mine as part of this review.
It wasn’t the subdued June quarter gains, but a willingness to conduct a thorough review of its trading that sent the stock up more than 7 cents per cent on the ASX on Wednesday.
The result, accompanied by bearish comments, appears to have boosted other lithium mining companies, with shares in Pilbara Minerals and IGO rising more than 6% and 4% respectively.
Arcadium reported a 5% drop in quarterly profits to $87 million, meeting market expectations and raising its shares, planned and implemented fee reductions and favorable contract terms, offsetting the sharp drop in spodumene prices to around 940 dollars per ton. Training
With prices at Mt. Cattlin reaching $700 per tonne, prices under pressure and significant spending needed to prepare for the next phase of mining, the company is reviewing its strategy, Chief Executive Officer Paul Graves said.
“We are having a vigorous discussion internally that care and maintenance is ultimately the right strategy for Mount Cattlin,” Graves told analysts after the results.
“I don’t know if we will act based on just one or two degrees of value from China for spodumene concentrate, but if it becomes clear that we are in an era of three-digit spodumene values, rather than four figures, then the care and maintenance factor becomes much more critical.
Graves warned Mount Cattlin earlier this year, stating that existing open pit mining has a limited lifespan unless it transitions to underground mining. However, the peak load of underground mining and low overall rates may lead to the mine being placed on care and maintenance status later in 2024.
In a communication to exchanges on Tuesday, he said the company maintained a positive long-term outlook for the metal, but said “the market obviously indicates that the industry does not want to increase its supply at the same pace as expected. “
The lithium company plans to invest in its Galaxy project in Canada and look for a partner to grow.
Arcadium also revised the schedule of its two lithium carbonate projects in the Salar del Hombre Muerto in Argentina, opting to take them out sequentially and not simultaneously.
These adjustments will increase Arcadium’s capital expenditures by approximately $500 million over the next two years, according to the press release.
The company said it has no plans to delay advancing its Nemaska Lithium allocation in Canada.
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WT Financial Group Limited (WTL) is a fast-growing diversified monetary company, founded in 2010 and indexed to the Australia Securities Exchange (ASX) in 2015. Their recommendations and product offerings are primarily provided through an organization of independent money advisors acting as legal advisors. Representatives. WTL in connection with its broker organization activities Wealth Today Pty Ltd (Wealth Today) and Sentry Group Pty Ltd (Sentry Group). He has approximately 275 advisers at over two hundred money advisory firms across Australia. It also operates a direct-to-consumer operation under its Spring Financial Group brand.
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