Aug 16 (Reuters) – Australian lithium miner Galaxy Sources GXY.AX mentioned on Monday it swung to a half-year revenue, helped by improved pricing for its spodumene focus, and expects larger costs within the present quarter as the electrical car market booms.
Costs of lithium, a key ingredient utilized in electrical car batteries, have soared over the previous yr on the again of a world push in the direction of greener modes of transport.
“Galaxy continues to expertise sturdy demand and elevated realised costs for its spodumene focus,” the corporate mentioned in a press release.
The corporate expects contract pricing within the third quarter to exceed $750 per dry metric tonne (dmt) of spodumene focus, up from $453 per dmt within the first half.
Galaxy’s after-tax revenue from odd actions was $64.three million for the half yr ended June, in contrast with a lack of $22.2 million a yr earlier, on the again of improved gross sales quantity at its Mt Cattlin mine.
The outcomes come as Galaxy completes its merger with Orocobre ORE.AX to create the world’s fifth most useful lithium miner.
(Reporting by Savyata Mishra and Arundhati Dutta in Bengaluru; Enhancing by Krishna Chandra Eluri)
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