AT A GLANCE: Altura’s lithium concentrate shipments in Q1 halved by Covid-19 headwinds
A summary of Australian lithium-spodumene producer Altura’s results for the first quarter of 2020.
- The company’s lithium concentrates shipping schedule in February and March to Chinese customers was severely affected by Covid-19 restrictions.
- The company reported a single shipment of 22,564 tonnes during the quarter, compared with shipments totaling more than 40,000 tonnes during the December quarter.
- Two shipments of 11,836 tonnes and 10,248 tonnes were delayed to April and will be reported in the June quarter update.
- 10.4% drop in lithium concentrate quarterly production at the Pilgangoora project in Western Australian was mainly due to cyclone activity during the quarter as well as marginally lower recoveries.
- Altura achieved a lower unit operating cost during the reporting quarter. The company aims to achieve unit operative costs below $300 per tonne fob in the near term.
- Altura ended the period with cash and cash equivalents of $9.6 million.
- Due to uncertainty surrounding the global impact of Covid-19, the company has not issued sales and production guidance for the third quarter of 2020, although it anticipates them to be in line with previous quarters.
Key figures for Q1 2020
(quarter-on-quarter percentage change)
Total lithium concentrate production:
42,282 tonnes, down 10.4%
Unit operative cost:
$345 per tonne fob, down 2.5%