Allkem posts record profit ahead of lithium mega-merger vote

Lithium producer Allkem’s profit soared to a record as its shareholders prepare to vote on a merger with downstream processing specialist Livent later this year.

Allkem also achieved record revenue of $US592 million from its brine-based Olaroz operations in Argentina, which are part owned by a Toyota subsidiary. Allkem and New York-listed Livent unveiled merger plans in May that will see a combined entity become the world’s third largest lithium player.The merger case has focused on the proximity of Allkem and Livent operations and growth projects in Argentina and Quebec, but the group also wants to grow its footprint in WA with Mt Cattlin’s mine life recently extended to 2027-28.and chief executive Martin Perez de Solay, backed the merger to form a leading global integrated lithium chemicals producer.

Allkem is considering underground mining options as it looks to extend the life of the Mt Cattlin mine into the next decade. It has also secured tenements adjacent to the Bald Hill lithium mine in WA which is in the hands of receivers.A Chinese-backed company has been given until the end of the month to salvage a deal to buy Bald Hill after Treasurer Jim Chalmers moved to block the acquisition.

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