JUJUY, Argentina - Lithium Americas (NYSE:LAC) (TSX:LAAC) (NYSE:LAAC), also known as Lithium Argentina, has announced that its Caucharí-Olaroz lithium brine operation in Jujuy, Argentina, has surpassed its 2023 production guidance. The company reported approximately 6,000 tonnes of lithium carbonate produced last year, exceeding its initial target of 5,000 tonnes.
The lithium carbonate plant is currently operating at about half its capacity, with ongoing efforts to ramp up production volume and enhance product quality. Lithium Argentina also indicated that its potassium chloride (KCl) plant is operational and is similarly in the process of increasing production.
First lithium carbonate production at Caucharí-Olaroz commenced in June 2023, and since then, the project has maintained consistent output. The product currently meets a 99.5% lithium carbonate content standard, with its technical quality nearing battery-grade specifications. The inaugural shipment of lithium left Argentina in early October 2023, with regular shipments following thereafter.
Lithium Americas plans to release its fourth quarter and full year financial results for 2023 on March 21, 2024, after market close. This will be followed by a conference call hosted by senior management on March 22, 2024, to provide an update on production guidance for 2024.
John Kanellitsas, Executive Chair, President, and interim CEO, expressed satisfaction with the project's progress and the team's experience in transitioning from construction to operations. He also highlighted the company's focus on reaching full capacity in 2024 and setting the stage for further growth.
Lithium Argentina, in partnership with Ganfeng Lithium Co, Ltd., is an emerging lithium carbonate producer, primarily for lithium-ion batteries and electric vehicles. The company is listed on both the Toronto Stock Exchange and the New York Stock Exchange under the ticker symbol LAAC.
The information reported is based on a press release statement from Lithium Argentina.
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