11:27 AM EDT, 03/21/2024 (MT Newswires) -- Lithium Americas (Argentina) Corp. ( LAAC ) , formerly Lithium Americas Corp., overnight Wednesday reported 2023 net income of US$1.29 billion, or US$8.02 per diluted share, swinging from a loss of US$93.6 million, or US$0.70 per share, in 2022.

The company produced about 6,000 tonnes of lithium carbonate at the Cauchari-Olaroz lithium brine project in 2023, achieving 99.5% lithium carbonate content. Lithium Argentina began operations at the site in June 2023.

For 2024, the company's targeted production at Cauchari-Olaroz is 20,000 to 25,000 tonnes of lithium carbonate.

Lithium Argentina aims to reach nameplate capacity at Cauchari-Olaroz on a limited basis by mid-2024 and maintain a level near capacity on a steady state basis by the end of the year.

The company has commenced measures to reduce discretionary exploration and evaluation and general and administrative spending at the corporate level by 25%, citing current lithium market conditions.

Lithium Argentina at last look gained 4.1% on the TSX and rose 3.4% on the NYSE in early Thursday trading.

Price: 7.14, Change: +0.28, Percent Change: +4.08