- Write by:
-
Thursday, May 9, 2019 - 12:30:30 PM
-
769 Visit
-
Print
Mining News Pro - Mining giant Rio Tinto (ASX, LON:RIO) and Caterpillar (NYSE: CAT), the world`s no.1 heavy machinery maker, announced this week the signing of an agreement to create a technologically advanced Koodaideri mine.
According to Mining News Pro - The weakness in its lithium unit, which executives have repeatedly labeled as the company`s future, was largely due to torrential January rains at the company`s mines in Chile, which rely on evaporation ponds to produce the white metal.
"Albemarle posted first-quarter net income of $133.6 million, or $1.26 per share, compared with $131.8 million, or $1.18, in the year-ago period"
The effects from the rain – lithium sales fell 2 percent during the quarter – had been expected, but still comes as anxiety grows about short-term demand for the metal.
Albemarle posted first-quarter net income of $133.6 million, or $1.26 per share, compared with $131.8 million, or $1.18, in the year-ago period.
Excluding one-time items, Albemarle earned $1.23 per share. By that measure, analysts expected earnings of $1.22 per share, according to IBES data from Refinitiv.
Sales of bromine, a chemical used to make fire extinguishers, jumped 10 percent during the quarter. Sales of catalysts, which are primarily used in oil refining, dropped 4 percent.
Albemarle confirmed its companywide 2019 sales forecast of $3.65 billion to $3.85 billion, in what would be an 8 percent to 14 percent increase from 2018 levels.
"We remain confident in our expectations for the full year," Chief Executive Luke Kissam said in a statement.
Albemarle rival Livent Corp, which produces in Argentina, cut its full-year profit forecast on Tuesday, citing lower lithium demand and weaker prices. Livent`s shares tumbled more than 15 percent on Wednesday after those results.
Shares of Charlotte, North Carolina-based Albemarle fell 0.8 percent to $72 in after-hours trading on Wednesday. The company`s executives plan to hold a conference call on Thursday morning to discuss the quarterly results.
Albemarle operates the only functioning lithium mine in the United States.
Short Link:
https://www.miningnews.ir/En/News/372475
Albemarle, the world’s largest producer of lithium for electric vehicle batteries, could look at reducing capital ...
Albemarle, the world’s largest producer of lithium for electric vehicle batteries, on Wednesday missed first quarter ...
Jiang Weiping, the founder of major Chinese lithium producer Tianqi Lithium Corp., resigned as chairman after the ...
China’s Tianqi Lithium said on Thursday it has formally requested that a proposed joint venture between lithium company ...
India is in talks with several countries seeking partnerships for technical help on lithium processing, said four ...
Chile’s state copper company Codelco defended its proposed lithium production tie-up with SQM in response to criticism ...
Nigeria has revoked 924 dormant mining titles immediately and invites investors to freely apply for the affected ...
Chile’s state-run miner Codelco plans to select a partner for a future lithium project in one of the country’s top salt ...
Chile’s SQM called another investors meeting at the request of its second-largest shareholder, Tianqi Lithium Corp., ...
No comments have been posted yet ...