Arcadium Lithium Suspends Stage 4A Waste Stripping at Mt Cattlin and Plans to Transition Site to Care & Maintenance by Mid-2025
September 4, 2024PHILADELPHIA and PERTH, Australia, Sept. 4, 2024 /PRNewswire/ -- Arcadium Lithium plc (NYSE: ALTM, ASX: LTM, "Arcadium Lithium") today announced that it will suspend Stage 4A waste stripping, and any expansionary investment beyond Stage 3, at its Mt Cattlin spodumene operation in Western Australia given the continued decline in spodumene prices. Additionally, the Company plans to place the Mt Cattlin site into Care & Maintenance after it completes Stage 3 mining and ore processing by the end of the first half of 2025.
As a result of these decisions, the Company expects to increase net expected cash flow in 2024 and 2025 cumulatively by approximately USD 75 to 100 million.
The Company does not intend to close Mt Cattlin at this time. Care & Maintenance will keep the mine and processing facilities in a position to potentially resume operations when market conditions become more favorable. Arcadium Lithium will continue to explore the viability of underground mining at the Mt Cattlin site, which could potentially extend the remaining mine life.
Paul Graves, president and chief executive officer, commented: "We remain committed to developing our global portfolio of hard rock assets and are confident that they will continue to be a significant part of Arcadium Lithium's growth story. Unfortunately, production at Mt Cattlin beyond the current stage of the open pit cannot be justified in the current price environment for spodumene. We will maintain open and transparent dialogue with all of our stakeholders while supporting our employees and communities in Western Australia during this transition period."
Additional details will be provided at Arcadium Lithium Investor Day on September 19.
Arcadium Lithium Contacts
Investors:Daniel Rosen +1 215 299 6208
[email protected]Phoebe Lee +61 413 557 780
[email protected]Media:Karen Vizental +54 9 114 414 4702
[email protected]
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