Liontown Resources’ ships first spodumene concentrate from Kathleen Valley

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Liontown Resources’ ships first spodumene concentrate from Kathleen Valley

Another milestone has been passed on the rollercoaster ride to get Australia’s newest lithium mine in full swing.

Liontown Resources on Friday waved goodbye to the first batch of spodumene concentrate extracted from its Kathleen Valley mine in the Goldfields.

The maiden shipment of 11,855 wet metric tonnes departed Geraldton Port and Liontown says it has now mined more than 28,000wmt at an average lithium grade of 5.2 per cent.

This latest milestone comes two months after the Tim Goyder-chaired company announced first production from Kathleen Valley, which followed a tumultuous ******* that included an aborted takeover attempt, multiple funding changes and a rapidly sinking lithium price in the background.

“Within two months of first production at Kathleen Valley, we have not only successfully produced and now shipped concentrate . . . but we have also achieved a ***** on the spot market, realising a premium sales price in the current market conditions,” Liontown boss Tony Ottaviano said on Monday.

Liontown says it sold 10,000wmt on the spot market at $US802 per tonne when adjusted to the industry-standard 6 per cent grade.

The prevailing price, according to Shanghai Metals Market, is currently $US790/t. Citi estimates Kathleen Valley will only make money if the price is above $US900/t.

Kathleen Valley is currently in the ramp-up phase with production expected to reach nameplate capacity next quarter — 500,000 tonnes of spodumene concentrate per annum.

Liontown shares are up nearly 30 per cent over the past five days but are still down over 70 per cent compared to a year ago.

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