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29/07/24

18:26

Post #: 74968385
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Originally posted by Northen_munky: ↑

First production at Liontown Resources’ Kathleen Valley lithium mine ‘imminent’

Daniel Newell
The West Australian
Mon, 29 July 2024 9:24AM

Liontown Resources says first production from its much-hyped Kathleen Valley lithium mine could be only days away — just a week before it prepares to take a victory lap at this year’s Diggers & Dealer Mining Forum in the Goldfields.

The Tim Goyder-chaired company said work on the processing plant was 99 per cent complete at the end of June, commissioning work was progressing and first output at the site just north of Leinster was “imminent”.

Earlier this month, Liontown switched out $550 million worth of bank and government debt for a $379m funding deal with battery maker and offtake partner LG Energy, lured by more competitive interest rates and flexibility.

It means Liontown will back out of the debt syndicate pulled together in March with Commonwealth Bank, National Australia Bank, France’s Societe Generale and taxpayer-funded agency, Export Finance Australia.

Managing director Tony Ottaviano said Liontown finished the June quarter on the cusp of making the shift from explorer to producer at the $951 million project.

“A major milestone reached post-quarter was the signing of the $US250 million convertible note agreement with LG Energy Solutions,” Mr Ottaviano said.

“The agreement, which came with a commitment to supply LG Energy Solution with additional offtake and an undertaking to work together on a downstream refinery, provides the balance sheet capacity to fund the Kathleen Valley ramp-up to 3mtpa as well as early underground works to preserve the 4mtpa expansion option on a 2027 timeframe.

”In the meantime, we remain focused on achieving first production, ramp-up and solidifying Liontown’s position as a major new producer and supplier of lithium raw materials.”

Liontown already has long-term offtake contracts with Tesla, LG Energy Solution and Ford, which will being over the next 12 months as it starts processing to initial nameplate capacity.

At the end of June, 311 employees had been hired for the impending start of operations at Kathleen Valley.

Its cash-on-hand stood at $122.9m.

Laters.

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My new favourite English word:

Imminent

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