Liontown’s Kathleen Valley lithium project in WA is over 50 per cent complete, with first production expected in mid-2024.
The final major mining and construction contracts for the project were awarded during the September quarter, de-risking the pathway to first production.
Kathleen Valley is fully funded to production and beyond, with debt funding of $760 million secured.
Liontown announced these milestones in its September quarterly report, with managing director Tony Ottaviano saying the quarter was busy but productive.
“To the credit of the entire Liontown team, Kathleen Valley remains on schedule with all major mining and construction contracts now awarded and more than 90 percent of capital costs committed, ensuring we have a clear line of sight through to first production in mid-2024,” he said.
“On the operational readiness front, we are rapidly filling operational and corporate roles and onboarding these new employees, as well as establishing the systems and processes required to function as a modern, efficient mining company that holds safety as a core value.”
Other highlights from the quarter included no lost-time injuries recorded, 47 new employees hired and a cash balance of $285 million as of September 30.
“Subsequent to quarter-end, the finishing touches were put on a funding package several months in the making that sees Liontown funded through to first production and beyond. The debt and equity package was sized to ensure we have a prudent buffer as we enter the commissioning phase,” Ottaviano said.
Liontown has had a rocky start to the fourth quarter of 2023, with Albemarle withdrawing its $6.6 billion takeover bid in October.
As of October 31, the lithium miner is still up for grabs.
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