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Lithium producer Allkem has released its annual report, revealing an increase of 62 per cent in revenue on the previous financial year (FY).

At US$1.2 billion (AUD$1.8 billion) the jump marks a record performance for the company, supported by strong operating performance and highly favourable market conditions.

Allkem’s Mt Cattlin open-pit lithium in the Great Southern region of WA saw a record revenue of US$615.6 million (AUD$956.2 million), up 36 per cent on last year.

“We have achieved outstanding full year results and demonstrated the quality and profitability of our operation,” Allkem managing director and chief executive officer Martin Perez de Solay said.

“FY23 revenue hit new records and was underpinned by record production at Olaroz and strong performance at Mt Cattlin, which achieved record run rates towards the end of the year.”

The company’s Olaroz lithium facility, which is located in the Jujuy Province in northern Argentina, achieved record annual production of 16,703 tonnes, 30 per cent higher than its prior record set in 2022.

Olaroz also achieved a record in revenue with an increase of 102 per cent on last financial year to total US$592.2 million (AUD$920.1 million) on sales of 13,186 tonnes of lithium carbonate.

All of Allkem’s committed projects can expect to be fully funded by its strong cash generation, with an existing new cash balance of US$648.4 million (AUD$1 billion).

“Our team has reached significant milestones to capture global growth by increasing our production capacity and product offering,” Perez de Solay said.

“Amidst strong demand for lithium we delivered first production at the Naraha lithium hydroxide plant and achieved first production at Olaroz stage two.

“Sal de Vida construction is well underway, and James Bay is advancing with approvals received by the Federal Government.”