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AMG Critical Materials hit by lower lithium and vanadium prices

Reuters | May 7, 2024 | 9:40 am Battery Metals Europe Lithium Vanadium 
Credit: AMG Critical Materials

Miner and lithium supplier AMG Critical Materials on Tuesday posted lower first quarter results year-on-year, as low prices hurt revenues for both lithium and vanadium.

Revenue of the Dutch company decreased 21% year-on-year to $358 million in the first quarter of 2024, while earnings before interest, tax, depreciation and amortization (EBITDA) dropped 74% year-on-year to $30,8 million, the company said in a statement.

“Market prices for all products in our portfolio weakened during the first quarter of 2024 compared to the first quarter of 2023. The decrease in adjusted EBITDA compared to the first quarter of 2023 was predominantly driven by the global decline in lithium and vanadium prices”, AMG said.

(By Nathan Vifflin; Editing by Tomasz Janowski)

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