Livent Corp of Philadelphia, PA has reported a second quarter 2021 net income of US$6.5 million on revenue of US$102.2 million compared with a net loss of US$0.02 million on revenue of US$64.9 million in the second quarter of 2020. The company says that improving market conditions supported higher volumes sold and higher prices across key lithium products versus the prior quarter.
Livent completed a public equity offering in June, raising gross proceeds of US$262 million which will be primarily deployed towards lithium capacity expansions, particularly in Argentina. The company resumed its capacity expansion projects in the United States and Argentina earlier this year, backed by the execution of recent long-term supply agreements, an improving market outlook and continued local government and community support.
Paul Graves, Livent’s CEO, said, “We were pleased to complete the equity issuance and are focused on executing on our capacity expansion projects, which are progressing on-schedule. Increasing production capacity and building upon our low cost and sustainable operations will strengthen our commercial footprint and enhance our position as a partner of choice to leading auto OEMs and battery producers.”
“Lithium market conditions remain very positive in 2021 and we see the trends continuing into 2022. Pricing conditions have significantly improved during the year and we have seen a notable improvement in lithium hydroxide and carbonate demand alongside strong global electric vehicle sales growth. Increasing support for electrification from OEMs, governments and consumers is solidifying expectations for substantial long-term lithium demand growth. However, this is not being met with sufficient reliable, qualified supply expansion, which we expect will be apparent as the market remains tight and occasionally short, particularly over the next few years.”
Volume 35, Issue 15