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- Allkem (AKE) achieves a record quarterly revenue result of US$337 million (A$448 million) for the June quarter, leading to FY22 group revenue of US$762 million
- The quarterly performance was driven by the Mt Cattlin mine in WA, which produced 24,845 dry metric tonnes (dmt) of spodumene concentrate at 5.3 per cent lithium oxide
- This contributed to “record-breaking” financial year production of 193,563 dmt averaging 5.6 per cent lithium oxide
- Allkem hit another record at its Olaroz lithium facility in Argentina, with 12,863 tonnes of lithium carbonate produced over FY22
- AKE shares are down 0.41 per cent and trading at $9.76 at midday AEST
Allkem (AKE) has posted record quarterly revenues and full-year production volumes from its flagship Mt Cattlin mine in Western Australia.
The company recorded a record group revenue for the June quarter of US$337 million (A$448 million) and a group gross operating cash margin of around US$292 million. This was largely driven by the spodumene concentrate shipped from M Cattlin over the June quarter.
For the full 2022 financial year, AKE posted US$762 million in group revenue, with a group gross operating cash margin of about US$594 million.
At the end of June, Allkem had US$663.2 million in cash, which is a US$213.1 million increase from the previous quarter.
Over the June quarter, Mt Cattlin produced 24,845 dry metric tonnes (dmt) of spodumene concentrate at a 5.3 per cent lithium oxide. This contributed to “record-breaking” financial year production of 193,563 dmt averaging 5.6 per cent lithium oxide.
Allkem said it would increase mining capacity at Mt Cattlin by the end of August from 750,000 to one million bank cubic metres per month, which would provide flexibility and further options to ensure the delivery of budgeted mining volumes.
Meanwhile, the company hit another record at its Olaroz lithium facility in Argentina, with 12,863 tonnes of lithium carbonate produced over FY22, of which 47 per cent was battery-grade material in line with targets.
Olaroz Stage 2 reached 88 per cent completion during the quarter, and first production is expected towards the end of this year.
Customer demand in the spodumene market reportedly remains robust and spodumene concentrate pricing in the September quarter is expected to be higher than in the June quarter.
AKE shares were down 0.41 per cent and trading at $9.76 at roughly midday trade AEST.
