Lithium Producers Defy Mining Sector Slump With Surging Profits
- Pilbara Minerals, Allkem each reported strong rise in profit
- Lithium prices soared last year before slumping in 2023
Pilbara Minerals said net profit rose to A$1.24 billion ($844 million) in the six months through December as production rose 86%.
Photographer: Carla Gottgens/BloombergThis article is for subscribers only.
Lithium producers in Australia saw profits surge on the back of high prices last year, avoiding a slump in earnings by other metal miners.
Pilbara Minerals Ltd., one of the nation’s top producers, and Allkem Ltd. both said net income jumped more than 10-fold in the second half of 2022 from a year earlier. Price gains in the period helped them to offset the inflationary pressures and tight labor market that saw mining giants Rio Tinto Group and BHP Group Ltd. report sharp drops in profit earlier this week.