Liontown Resources Burns Through $44 Million
Liontown Resources, a taxpayer-funded lithium miner, has reported burning through $44 million in the three months leading up to September 30, despite a recovery in lithium prices.
This spending has made a dent in the $266 million the company raised in August to navigate the lithium downturn. Liontown Resources is a company focused on the exploration and development of lithium deposits.
They aim to become a significant supplier of lithium to the global battery industry. The loss-making company appeared to be approaching a break-even point, with the price of lithium trading roughly on par with its all-in sustaining costs of $1354 per tonne for the quarter.
Author's summary: Liontown Resources spent $44 million despite lithium price recovery.