AMG reports Q3 2024 earnings

On 6 November, AMG Critical Materials N.V. reported Q3 2024 revenue of US$356 million, a 3% year-over-year decrease, driven by lower lithium and vanadium prices.

AMG Lithium’s revenue fell 22% to US$48.6 million as lithium market prices dropped 67% compared to Q3 2023. Despite the price decline, AMG Lithium saw a 42% increase in sales volume, selling 22,731 dry metric tons of spodumene concentrate at an average price of US$870 per tonne.

The company’s Brazilian mine expansion is ramping up to a production capacity of 130,000 tonnes of spodumene concentrate per year by Q4 2024. Its lithium hydroxide refinery in Bitterfeld, Germany, being the first in Europe, opened in September this year.

The company said the full production of the lithium hydroxide refinery in Germany would be expected in the second half of 2025. AMG’s planned lithium conversion plant in Brazil remains a strategic priority, though major investment will proceed cautiously. "The supply chain is waiting for more corrections in order to consider investment," Heinz Schimmelbusch the CEO said, "that includes us."