BUZZ-Australia's Liontown long way from Albemarle offer in 2024 amid lithium price crunch
Shares of Australia's Liontown Resources LTR.AX set to lose over 65% in 2024
A gradually shrinking underlying lithium price and a drop in cash reserves have dragged LTR's stock price to A$0.56
Shares currently trading at an over 80% discount to Albemarle Corp ALB.N, a once LTR suitor who had offered A$3 apiece
Global lithium markets are reeling from rapid supply growth, which has surpassed demand for the battery metal at a time when the sales growth of electric vehicles has slowed
LTR, which owns the Kathleen Valley lithium project, slashed its production plans at the mine in November in a bid to deal with a prolonged drag in the prices of the metal used for EV batteries
Analysts at Citi, in November, lowered their PT to A$0.75 from A$0.85 and moved to "sell" from "neutral"
Macquarie analysts say LTR's balance sheet could remain under pressure with additional capital expenditure flagged in the update and lithium prices remaining weak
LTR up 1.8% on Friday
(Reporting by Rishav Chatterjee in Bengaluru)
((Rishav.Chatterjee@thomsonreuters.com))
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