Liontown gains after first Kathleen Valley lithium delivery
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The news: Liontown Resources shares climbed after the battery minerals company announced that the first delivery of spodumene concentrate from its Kathleen Valley lithium project has been made to Geraldton port.
The numbers: Liontown shares had lifted 5.2% to $0.92 by 11:10am AEST.
Perth-based Liontown said around 145 tonnes of spodumene concentrate had been delivered by truck from Kathleen Valley to the Geraldton.
The load will be stockpiled ahead of Liontown's first shipment from its WA-based development, which is planned for later in Q3 CY24.
Liontown also noted that first ore has been extracted from its underground operations at Mount Mann, with first production expected by the end of the 2024 calendar year.
The context: Liontown shares gained last week following the announcement of first production at Kathleen Valley.
It marked the start of the company's planned production ramp-up towards 3 million tonnes per year, currently expected by the end of Q1 2025.
What they said: Liontown's managing director and CEO Tony Ottaviano said: "This rapid progression underscores the momentum we are building as we transition from construction to production."
"Additionally, hitting our first development ore milestone at Mt Mann demonstrates our continued operational success, and strengthens our position as a leading emerging global supplier of battery minerals," he said.
The source: ASX announcement
