Updates with background, details
April 20 (Reuters) – Lithium miner Allkem Ltd AKE.AX clocked a 34% rise in its third-quarter revenue on Thursday, helped by strong output at its Olaroz facility and higher realised prices as demand for the white metal soars across the world.
High-quality ore production from the Olaroz lithium facility in northern Argentina was up about 40% at 4,102 tonnes for the quarter.
The global producer of lithium received average price of $53,175 per tonne for its lithium carbonate, resulting in record revenue of $159 million at Olaroz.
However, benchmark lithium prices, which rallied six-fold over the two years to November, have started declining lately due to a drop in electric vehicle sales in China that has hurt the metal’s use in lithium-ion batteries.
The ASX-listed miner reported revenue of $315 million for the three months ended March 31, compared with $235 million, a year earlier.
(Reporting by Rishav Chatterjee and Nausheen Thusoo in Bengaluru; Editing by Shweta Agarwal)
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