- Write by:
-
Friday, November 6, 2020 - 6:28:28 PM
-
649 Visit
-
Print
Mining News Pro - Livent Corp said on Thursday it would form a joint venture to buy Canada’s troubled Nemaska lithium project and it had extended its supply agreement for the electric vehicle battery metal with Tesla Inc through the end of 2021.
The company also posted lower-than-expected quarterly results, and its shares fell 3 percent to $11.50 in late trading.
The Nemaska deal would help Philadelphia-based Livent boost lithium production as demand is expected to soar later this decade with electric vehicles going mainstream. The company has been openly searching for lithium deals in the past year.
Livent is joining with metals financier The Pallinghurst Group to buy half of Quebec Lithium Partners, which was formed earlier this year after Nemaska filed for bankruptcy projection. State-owned corporation Investissement Quebec will own the other half of the company.
“Livent continues to focus on strengthening its competitive position so we can support our customers with their future needs,” Livent Chief Executive Paul Graves said in a statement.
The Nemaska deal is not without risk. Livent only operates one lithium project, a brine facility in northern Argentina where an expansion project was recently put on hold. The Quebec project is a spodumene hard rock mine, an area in which Livent has little operational experience.
Nemaska also was weighed down by the high expense of operating in frigid northern Quebec. In 2019, for example, Nemaska announced cost overruns of more than $300 million.
Also on Thursday, Livent posted a third-quarter net loss of $11.8 million, or 8 cents per share, compared with net income of $18 million, or 12 cents per share, in the year-ago period.
Excluding one-time items, Livent lost 5 cents per share. By that measure, analysts expected earnings of a penny per share, according to IBES data from Refinitiv.
Short Link:
https://www.miningnews.ir/En/News/608015
Chinese carmaker BYD Co has postponed plans to produce lithium cathodes for electric vehicle (EV) batteries in Chile by ...
Copper futures in New York rallied to a record high after a short squeeze that’s prompted a scramble to divert metal in ...
China’s CMOC Group Ltd. is being accused by a top US official of using “predatory” tactics to depress prices of a key ...
A Native American group said on Tuesday it will take its fight against Rio Tinto’s proposed Arizona copper mine to the ...
Teck Resources Ltd expects to generate annual earnings before interest, depreciation, tax and amortization (EBITDA) of ...
Australian-based Atlantic Lithium Ltd., which is developing Ghana’s first lithium mine, has taken a step toward raising ...
Truck drivers in Chile staged protests Monday in the mineral-rich north of the country and around the capital Santiago, ...
Canada’s mining industry is pushing for an carveout to the federal government’s proposed increase to capital gains ...
London-based Savannah Resources will if necessary ask Portugal’s government to authorize compulsory land acquisitions ...
No comments have been posted yet ...