- Critical materials firm AMG Advanced Metallurgical Group yesterday reported Q2 2023 revenue of $439 million, a 4% increase from the same period in 2022.
AMG said its lithium concentrate production expansion project in Brazil is progressing as planned, adding that lithium hydroxide refinery in Germany - Europe’s first - is expected to start commissioning for the first 20,000-ton module in the fourth quarter of 2023. AMG’s liquidity as of June 30, 2023 was $586 million, with $391 million of unrestricted cash and $195 million of revolving credit availability.
However, the company noted that given the global economic uncertainty and the slowdown in China, current spot prices across AMG’s critical materials portfolio are significantly below the prices at the time when AMG announced its initial guidance for 2023 in November 2022.
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