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Aug 22 (Reuters) - Global lithium miner Allkem Ltd (AKE) on Tuesday reported a 45% rise in its full-year profit, underpinned by higher output at its Olaroz and Mt Cattlin projects, along with strong realised prices for spodumene.
The Mt Cattlin and Olaroz projects as well as higher average realised prices for its commodities, benefited from a global push by automakers to ramp up their electric vehicle production.
Prices of lithium, one of the key metals used in manufacturing batteries used in electric vehicles, have soared during the year due to increased demand for the battery metal and as businesses move towards renewable forms of energy.
The Argentina-based miner, which inked a $10.6 billion merger deal with Livent Corp LTHM.N in May, recorded a net profit attributable of $441.7 million for the year ended June 30, compared with $305.7 million a year ago.
The company's Olaroz-stage 2 achieved first wet production in mid-July with commissioning to continue and ramp up over next 12-18 months.
"We also proved up a mine life extension at Mt Cattlin that will see the mine operate until at least 2027 while we evaluate underground mining options," Chairman and CEO Martin Perez de Solay said.
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