LTHM - Orocobre-Galaxy merger completed; company sees continued strong pricing

Orocobre (OTCPK:OROCF +3.4%) and Galaxy Resources (OTCPK:GALXF) have completed their merger, and will be rebranded as Allkem, the fifth-largest global producer of lithium. Orocobre produced 12,611 metric tons of lithium carbonate for FY 2021 ended June 30, up 6% Y/Y, with battery grade lithium carbonate production comprising 48% of total output vs. 24% in the prior year. Strong Chinese lithium demand continues to push up global prices and recent reported spot sales for spodumene showed realized prices of more than $1,000/mt, CEO Martin Perez de Solay says, according to S&P Global Platts. The company says high demand from the electric vehicle sector was driving the price gains and expects positive market conditions will continue through the rest of 2021. S&P Global Platts says spodumene concentrate with 6% lithium oxide content was assessed at $1,300/mt FOB Australia on August 20, up 183% YTD. "Market tightness and price momentum is evident with strong

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Orocobre-Galaxy merger completed; company sees continued strong pricing