Liontown shares dip despite Kathleen Valley progress
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The news: Shares in Liontown Resources tumbled in morning trade on the ASX, despite the lithium miner reporting "significant progress" in the ramp-up of its flagship Kathleen Valley operation in Western Australia.
The numbers: Liontown shares were down 4.5% to 85 cents by 11:30am AEDT, having lowered nearly 50% since the turn of the year.
The company reported stockpiles of around 674,000 tonnes at the end of the September quarter, including 309,000 tonnes of clean ore, 261,000 tonnes of ore sorting product and 104,000 tonnes of post-crushed ore on the fine ore stockpile.
The context: Liontown said that the ramp-up of its Kathleen Valley operations is on schedule, with certain areas "surpassing initial expectations".
The miner said that it achieved a number of major milestones during the quarter, including its first sale of spodumene concentrate in September. Liontown also received payment for its first product shipment this month.
Liontown's managing director and CEO Tony Ottaviano noted that the company performed strongly "in areas within our control", even as it adapts to the challenges presented by the "low-price lithium environment".
The source: ASX announcement
