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FMC to lift lithium prices 10% across the board

5th November 2014

By: Henry Lazenby

Creamer Media Deputy Editor: North America

  

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TORONTO (miningweekly.com) – Diversified firm FMC Corporation on Tuesday announced a 10% increase, effective from December 1, or as contracts permitted, to the global pricing for all grades of lithium carbonate and lithium salts, including lithium hydroxide, pharmaceutical carbonate and speciality salts.

The Philadelphia-based firm said the increases would apply to all standard and nonstandard pricing.

"The increases are necessary to offset continued rising costs of raw materials and operational cost pressures at our Argentina facility,” FMC Lithium global marketing director Chris Senyk said.

The increases followed the lithium hydroxide increase announced in May.

Senyk added that these increases would help the company ensure continued investment in its operations and support the supply service expectations of its global customers.

FMC’s minerals business segment reported an 11% rise in revenue for the September quarter, while segment earnings for the period came in 42% higher year-on-year at $39.2-million.

Third-quarter revenue in lithium was up 19%, driven by sustained higher production rates, versus 2013, resulting in higher sales.

Excluding special items, adjusted earnings were $0.95 a diluted share, an increase of 16% when compared with the same period a year earlier.

Edited by Tracy Hancock
Creamer Media Contributing Editor

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