Workflow
Greenbushes 锂矿 2025Q3 产销量分别环比-6%、- 27%至 32 万吨、30.1 万吨，2025Q3 单位现金生产成本环比增长 6%至 388 澳元/吨
HUAXI Securities·2025-11-04 05:29

Investment Rating - The report recommends the industry [4] Core Insights - The lithium business at Greenbushes experienced a production decrease of 6% quarter-on-quarter (QoQ) and 21% year-on-year (YoY), with Q3 2025 production at 320,000 tons and sales at 301,000 tons, reflecting a 27% QoQ and 23% YoY decline in sales [1][2] - The average realized price for lithium concentrate was $730 per ton, showing a 1% increase QoQ [1] - The Kwinana lithium hydroxide plant saw a production increase of 31% QoQ and 85% YoY, with Q3 2025 production at 2,775 tons and sales at 2,921 tons, marking a 68% QoQ increase [2][3] - The unit cash production cost for lithium concentrate rose by 6% QoQ to A$388 per ton, reflecting a 40% increase YoY [2][3] - The Nova nickel project reported a production decrease of 33% QoQ and 7% YoY, with Q3 2025 nickel production at 3,429 tons and sales at 3,320 tons [6] - The average realized price for nickel was A$22,830 per ton, down 2% QoQ, while the unit cash cost increased by 72% to A$6.84 per pound [6] Summary by Sections Lithium Business - Greenbushes lithium mine produced 320,000 tons in Q3 2025, down 6% QoQ and 21% YoY, with sales of 301,000 tons, down 27% QoQ and 23% YoY [1][2] - Average realized price for lithium concentrate was $730 per ton, up 1% QoQ [1] - Kwinana lithium hydroxide plant produced 2,775 tons, up 31% QoQ and 85% YoY, with sales of 2,921 tons, up 68% QoQ [2][3] - Unit cash production cost for lithium concentrate increased to A$388 per ton, up 6% QoQ and 40% YoY [2][3] Nickel Business - Nova project produced 3,429 tons of nickel, down 33% QoQ and 7% YoY, with sales of 3,320 tons, down 5% QoQ and 1% YoY [6] - Average realized price for nickel was A$22,830 per ton, down 2% QoQ, while unit cash cost rose to A$6.84 per pound, up 72% [6] Financial Performance - Company revenue for Q3 2025 was A$105.3 million, down 17% QoQ and 26% YoY, primarily due to reduced copper shipments and lower nickel prices [7] - The underlying EBITDA for Nova project was A$24.9 million, down 50% QoQ [7]