UPDATE 1-MinRes' Mt Marion spodumene concentrate output jumps 9% from prior quarter

Reuters04-24

(Adds more details from paragraph 2)

April 24 (Reuters) - Australia's Mineral Resources Ltd (MinRes) on Wednesday reported a 9% rise in third-quarter spodumene concentrate output from its Mt Marion operations compared with the previous three-month period due to improved ore recoveries.

The diversified miner produced 91,000 dry metric tonnes (dmt) of spodumene concentrate at Mt Marion in the quarter ended March 31, up from 83,000 dmt in the prior quarter, while output at its Wodgina mine came in at 49,000 dmt, down 11% from the previous three-month period.

The company reported an improvement in lithium prices during the quarter, with 22,000 dmt shipments sold at $1,300 per tonne in March.

Lithium prices took a hit during the early parts of the year due to a slowdown in demand for electric vehicles globally. They have started to rebound recently as its oversupply is seen as short term.

MinRes maintained its 2024 fiscal year volume guidance for all operations.

(Reporting by Archishma Iyer in Bengaluru; Editing by Subhranshu Sahu)

((Archishma.Iyer@thomsonreuters.com;))

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