Liontown Assets books $15.2m loss after | Australian Markets
One-time market darling Liontown Assets has reported a half-year loss of $15.2 million as Australia’s latest lithium debutant begin its first full quarter of business manufacturing within the northern Goldfields.
The Tim Goyder-chaired miner on Friday mentioned it shipped 100,240 tonnes of spodumene focus within the six months to the top of December after turning out first manufacturing from Kathleen Valley close to Leinster in late July final yr.
It achieved an average realised price of $US811/t to herald income of simply over $100m.
“Ramp-up of the Kathleen Valley processing plant and production has continually progressed in alignment with, and in some cases exceeded, expectations,” Liontown mentioned.
“As a result, the company’s board approved the declaration of commercial production at the Kathleen Valley processing plant with effect from 1 January 2025.”
Liontown revealed in November it could scale back manufacturing plans simply three months after it ship its maiden load of lithium to protect money because it waits out a depressed market that reveals few indicators of a sustained rebound in costs.
It’s concentrating on an annual manufacturing fee of 2.8 million tonnes from the top of the 2026/27 financial yr — down from an initial ramp up goal of 3mtpa.
Liontown reported underlying earnings earlier than curiosity, tax, depreciation and amortisation of $66m for the half.
It closed the period with web debt of $505m and $192.9m in money.
Shares in Liontown, which counts mining magnate and Australia’s richest individual Gina Rinehart as its greatest shareholder, jumped 4.9 per cent in early trade to 64¢ — up nearly 13 per cent for the yr however off 53 per cent for the previous 12 months.
Macqaurie mentioned the half-year loss was each higher than anticipated, largely pushed as a consequence of optimistic truthful worth motion on spinoff liabilities and decrease income bills.
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