LTR (ASX) ASX Today

Originally posted by yarrum2 ↑

Goyder toasts historyfor Liontown at Kathleen Valley
Mining veteran Tim Goyder says Liontown Resources defied theodds to start life as a lithium producer on time and on budget. But if he isright, Liontown’s Kathleen Valley will be the last mine to open in Australiafor a while.
The Liontown chairman said he would pick out a celebratorybottle of red wine from his cellar after the company declared the first lithiumproduction at Western Australia’s Kathleen Valley on Wednesday
We’re pretty proud of what we’ve done in adverse circumstances,”he said.
“Despite the lithium market and despite the roller-coaster ridewe’ve been on the last 18 months, we built the plant and on time, on budget.”
The next step for Liontown is to ramp up production to 3 milliontonnes a year and to work out where Kathleen Valley will sit on the cost curve.
Roller-coaster 18 months
The mine and processing plant werebuilt for $951 million and Liontown expects to make its first shipment ofspodumene concentrate before the start of October.
Depressed commodity prices mean thenumber of reported exploration projects in Australia dropped 27 per cent inJune compared with the same time last year, the 17th straight month ofyear-on-year declines, according to S&P Capital IQPro.
Liontown shares were trading at 94¢ onWednesday, still a long way from the takeover approaches the Goyder-led boardrejected from New York-listed Albemarle in early 2023.
The board capitulated at $3 a share,in an offer that valued the company at $6.6 billion, but Albemarle walked awayafter Gina Rinehart forked out about $1.3 billion for her 19.9 per cent stakein Liontown.
The Goyder toasts history for Liontownat Kathleen Valley has also included filling the funding hole left by banksbacking out of a financing package and Mrs Rinehart’s Hancock Prospectingcasting doubt on Liontown’s ability to deliver on Kathleen Valley.
“This game has its ups and downs. I’vealways had a long-term view, and I’ve still got a long-term view, for thecompany,” Mr Goyder said.
“I think we’ve been particularlymeasured and agile about how we’ve dealt with the various hurdles we’ve had,and no one can deny that.”
A first in 40-year career
Mr Goyder has carved out a long andstoried career in mining exploration since he pegged his first lease in WesternAustralia more than 40 years ago, but this is the first time he has seen aproject through to production.
He was a billionaire on paper whenLiontown was riding high during the lithium boom and interest peaked in hisnickel explorer Chalice, but both stocks have slumped along with their respective commodityprices.
Liontown received welcome news in early July when South Koreanbattery maker LG Energy Solutions agreed to back the company to the tune of$US250 million ($385 million) via convertible notes that turn into equity at$1.80 a share.
In the process, LG extended its existing five-year offtake dealwith Liontown to 15 years.
Mr Goyder said the LG deal, along with an offtake agreement withFord and Tesla, underlined his faith in long-term lithium demand and pricing.
“You have got to be optimistic. The real world is moving toelectric vehicles, and also batteries for power storage,” he said.
Mr Goyder, who owns 14 per cent of Liontown, said the feedbackfrom Hancock Prospecting was positive and indicated that its biggestshareholder wanted growth.
He counts on a loyal cohort of co-investors who have followedhim through Mr Goyder’s many listed exploration plays.
There’s a group that have followed the company, and it has beensuccessful for them, and they’ve got confidence,” Mr Goyder said.
“I stay in touch with a lot of them and even at 94¢, they’re upa mile.
“Now that we’re getting into operation and production, they willgo long distance.”

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Just brilliant from Tim!

Amazing leadership!

Thanks for sharing , holders and the faithful will enjoy reading this. All the nupties that have bagged us and the company on here the last 12 months are quiet.

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Last 59.5¢		Change -0.030(4.80%)		Mkt cap ! $1.442B

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