- Write by:
-
Friday, September 29, 2023 - 22:07:53
-
131 Visit
-
Print
Mining News Pro - Shares in Core Lithium jumped more than 25% on Friday, set for their best day since January 2021 after the miner posted its maiden profitable annual results.
The company recorded a net profit after tax (NPAT) of A$10.8 million ($6.96 million), underpinned by the sale of first lithium products in the second half of the year.
The miner owns and operates Finniss Lithium project, located in the Northern Territory, and lies within a prospective area for lithium.
Starting the ore mining process at Finniss in October 2022, Core Lithium, produced a total of 18,274 metric tons of spodumene concentrate during the year, and shipped 5,423 tons of it.
During the year, the company also announced a 62% increase in the total Finniss mineral resource estimate, highlighting strong potential for life of mine extensions at the project.
“The FY23 financial and operation performance provides a quality foundation for delivering our growth plans in 2024,” said CEO Gareth Manderson.
Demand for spodumene, or lithium ore, from the electric vehicle battery industry is expected to boom this decade as the green energy transition gains momentum.
The company is in agreements with Tesla and Chinese chemicals firm Sichuan Yahua Industrial Group, to supply spodumene.
The miner’s revenue came in at A$50.6 million, where first cargo of spodumene concentrate in May generated revenue of A$30.5 million.
Core Lithium’s shares were up 25.7% at A$0.43 at 0236 GMT, and were set for best day since January 20, 2021.
Short Link:
https://www.miningnews.ir/En/News/627441
Australian miner Lynas posted a slump in third-quarter sales revenue on Wednesday, missing analyst expectations on the ...
China’s Tianqi Lithium said on Thursday it has formally requested that a proposed joint venture between lithium company ...
India is in talks with several countries seeking partnerships for technical help on lithium processing, said four ...
Chile’s state copper company Codelco defended its proposed lithium production tie-up with SQM in response to criticism ...
Nigeria has revoked 924 dormant mining titles immediately and invites investors to freely apply for the affected ...
Australia’s Fortescue on Wednesday logged a larger-than-expected decline in third-quarter iron ore shipments, following ...
Chile’s state-run miner Codelco plans to select a partner for a future lithium project in one of the country’s top salt ...
Chile’s SQM called another investors meeting at the request of its second-largest shareholder, Tianqi Lithium Corp., ...
Lithium supplier Vulcan Energy on Wednesday announced the start of production of the first lithium chloride at its ...
No comments have been posted yet ...