News: AKE UPDATE 1-Lithium miner Allkem's first-quarter revenue jumps nearly 10%

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Oct 26 (Reuters) - Lithium miner Allkem (AKE) posted a 9.7% jump in first-quarter revenue on Thursday, driven by higher production from its flagship Mt Cattlin project in Western Australia and Olaroz lithium facility in Northern Argentina.

The company's Mt Cattlin operation shipped 76,631 dry metric tonne (dmt) of spodumene concentrate in the September quarter, significantly higher than 21,215 dmt shipped last year.

Meanwhile, lithium carbonate production at the company's Olaroz lithium project came in at 4,453 tonnes, 35% higher than the previous year.

Allkem said its Olaroz Stage 2 expansion project, which achieved its first wet production in mid-July, is on track for production in the second half of calendar year 2023, with the ramp-up expected to take about 15 months.

The Argentina-headquartered company, which is nearing the close of its $10.6 billion merger with Livent Corp LTHM.N , said revenue was $327 million for the three months ended Sept. 30, compared with $298 million a year earlier.