PHILADELPHIA and PERTH, Australia, Sept. 4,
2024 /PRNewswire/ -- Arcadium Lithium plc (NYSE:
ALTM, ASX: LTM, "Arcadium Lithium") today announced that it will
suspend Stage 4A waste stripping, and any expansionary investment
beyond Stage 3, at its Mt Cattlin spodumene operation in
Western Australia given the
continued decline in spodumene prices. Additionally, the
Company plans to place the Mt Cattlin site into Care &
Maintenance after it completes Stage 3 mining and ore processing by
the end of the first half of 2025.
As a result of these decisions, the Company expects to increase
net expected cash flow in 2024 and 2025 cumulatively by
approximately USD 75 to 100
million.
The Company does not intend to close Mt Cattlin at this
time. Care & Maintenance will keep the mine and
processing facilities in a position to potentially resume
operations when market conditions become more favorable.
Arcadium Lithium will continue to explore the viability of
underground mining at the Mt Cattlin site, which could potentially
extend the remaining mine life.
Paul Graves, president and chief
executive officer, commented: "We remain committed to developing
our global portfolio of hard rock assets and are confident that
they will continue to be a significant part of Arcadium Lithium's
growth story. Unfortunately, production at Mt Cattlin beyond
the current stage of the open pit cannot be justified in the
current price environment for spodumene. We will maintain
open and transparent dialogue with all of our stakeholders while
supporting our employees and communities in Western Australia during this transition
period."
Additional details will be provided at Arcadium Lithium Investor
Day on September 19.
Arcadium Lithium Contacts
Investors:
Daniel Rosen
+1 215 299 6208
daniel.rosen@arcadiumlithium.com
Phoebe Lee +61 413 557 780
phoebe.lee@arcadiumlithium.com
Media:
Karen Vizental
+54 9 114 414 4702
karen.vizental@arcadiumlithium.com
About Arcadium Lithium
Arcadium Lithium is a leading
global lithium chemicals producer committed to safely and
responsibly harnessing the power of lithium to improve people's
lives and accelerate the transition to a clean energy future. We
collaborate with our customers to drive innovation and power a more
sustainable world in which lithium enables exciting possibilities
for renewable energy, electric transportation and modern
life. Arcadium Lithium is vertically integrated, with
industry-leading capabilities across lithium extraction processes,
including hard-rock mining, conventional brine extraction and
direct lithium extraction (DLE), and in lithium chemicals
manufacturing for high performance applications. We have operations
around the world, with facilities and projects in Argentina, Australia, Canada, China, Japan,
the United Kingdom and the United
States. For more information, please visit us at
www.ArcadiumLithium.com.
Important Information and Legal Disclaimer:
Safe
Harbor Statement under the Private Securities Litigation Reform Act
of 1995: Certain statements in this news release are
forward-looking statements. In some cases, we have identified
forward-looking statements by such words or phrases as "will likely
result," "is confident that," "expect," "expects," "should,"
"could," "may," "will continue to," "believe," "believes,"
"anticipates," "predicts," "forecasts," "estimates," "projects,"
"potential," "intends" or similar expressions identifying
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995, including the negative of
those words and phrases. Such forward-looking statements are based
on our current views and assumptions regarding future events,
future business conditions and the outlook for Arcadium Lithium
based on currently available information. There are important
factors that could cause Arcadium Lithium's actual results, level
of activity, performance or achievements to differ materially from
the results, level of activity, performance or achievements
expressed or implied by the forward-looking statements, including
the supply and demand in the market for our products as well as
pricing for lithium and high-performance lithium compounds; our
ability to realize the anticipated benefits of the integration of
the businesses of Livent and Allkem or of any future acquisitions;
our ability to acquire or develop additional reserves that are
economically viable; the existence, availability and profitability
of mineral resources and mineral and ore reserves; the success of
our production expansion efforts, research and development efforts
and the development of our facilities; our ability to retain
existing customers; the competition that we face in our business;
the development and adoption of new battery technologies;
additional funding or capital that may be required for our
operations and expansion plans; political, financial and
operational risks that our lithium extraction and production
operations, particularly in Argentina, expose us to; physical and other
risks that our operations and suppliers are subject to; our ability
to satisfy customer qualification processes or customer or
government quality standards; global economic conditions, including
inflation, fluctuations in the price of energy and certain raw
materials; the ability of our joint ventures, affiliated entities
and contract manufacturers to operate according to their business
plans and to fulfill their obligations; severe weather events and
the effects of climate change; extensive and dynamic environmental
and other laws and regulations; our ability to obtain and comply
with required licenses, permits and other approvals; and other
factors described under the caption entitled "Risk Factors" in
Arcadium Lithium's 2023 Form 10-K filed with the Securities and
Exchange Commission ("SEC") on February 29,
2024, as well as Arcadium Lithium's other SEC filings and
public communications. Although Arcadium Lithium believes the
expectations reflected in the forward-looking statements are
reasonable, Arcadium Lithium cannot guarantee future results, level
of activity, performance or achievements. Moreover, neither
Arcadium Lithium nor any other person assumes responsibility for
the accuracy and completeness of any of these forward-looking
statements. Arcadium Lithium is under no duty to update any of
these forward-looking statements after the date of this news
release to conform its prior statements to actual results or
revised expectations.
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SOURCE Arcadium Lithium PLC
