Albemarle profit just misses estimates on weak lithium prices
Albemarle, the world’s largest producer of lithium for electric vehicle batteries, on Wednesday missed first quarter profit estimates on lower prices.Softening Electric Vehicle (EV) demand has knocked down global lithium prices, hitting lithium producers such as Albemarle. Many producers worldwide have cut production and reduced their workforce.Lithium prices had fallen by more than 80% in the year up to March, according to a basket tracked by Benchmark Mineral Intelligence.
Sumitomo Corp net profit down 32% on Madagascar one-off loss
Japanese trading house Sumitomo Corp reported net profit for the fiscal year ended in March fell 31.7% from a year earlier to 386.4 billion yen ($2.5 billion), missing estimates, as it took a one-time loss on four businesses.A LSEG poll of analysts had forecast Sumitomo’s net profit for the fiscal year at 504.9 billion yen.Sumitomo booked a total of 150 billion yen one-off losses on four problematic operations, including the Ambatovy nickel project in Madagascar, which wiped off nearly a half, or 89 billion yen, from its bottom line.
How quickly can management build a mine? - Alex Black on long investment horizons
(Kitco News) - Management, deposit and social license are all key when considering a resource investment, said Alex Black, executive chairman of Rio2, but time to production plays an important role, too.Black spoke to Kitco Mining on Monday.