In its latest project update, LTR confirmed that the bulk of commissioning work was complete and first spodumene production was expected in the short-term. Ore has been exposed in the open pit and the bulk of the process plant has been commissioned. Securing approval to draw on the A$550m commercial lender facility presents a key near-term catalyst for LTR, along with the declaration of first spodumene production. Spodumene prices have come under pressure in recent weeks, and we have cut our near-term price outlook. This has driven a 25% cut to our earnings forecast over the next two years. The softer short-term earnings outlook and the fall in the spot price drives a 25% cut to our price target and we reiterate our BUY rating on LTR.
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