Liontown Resources Limited (ASX: $LTR) announced that the Kathleen Valley Lithium Project was more than 85 percent complete by the end of March 2024. The process plant was approximately 90% complete, with commissioning commenced at the dry plant in late March 2024. The Project remains on budget and schedule for first production mid-2024. The site-based workforce now exceeds 900 people, with approximately three million work hours recorded since construction commenced at Kathleen Valley. Underground mining made significant progress with ~1,535 total development metres recorded for the March Quarter. Open pit mining progressed well with 1.1 million bulk cubic metres (BCM) mined and ore being stockpiled ahead of plant startup. Liontown's cash balance was A$358.1 million as at 31 March 2024.
The March Quarter saw tremendous progress across all major work fronts at Kathleen Valley, with construction of the process plant, the critical path to first production, being 90 percent complete on an earned value basis. The execution of the A$550 million debt package was significant, providing access to capital to see Kathleen Valley into first production, ramp-up to 3Mtpa and positive cashflow. Securing capital from a leading international and domestic syndicate, as well as government agencies, further reinforces the strength of the underlying technical and financial qualities of Kathleen Valley and provides a very strong endorsement of our Project. As announced during the quarter, we are currently reviewing and examining the options for deferring the 4Mtpa mine expansion until market conditions improve. The review is progressing well and we are aiming to release the results to the market by the end of the upcoming quarter. We are within touching distance of first production and in a very strong position financially with $358.1 million in the bank, together with the undrawn commercial debt facility, providing us sufficient funding through to first production and beyond.
The Kathleen Valley Lithium Project, led by Liontown Resources, is making significant progress with the process plant approximately 90% complete and commissioning commenced at the dry plant in late March 2024. The site-based workforce now exceeds 900 people, with approximately three million work hours recorded since construction commenced at Kathleen Valley. The Company's cash balance was A$358.1 million as at 31 March 2024, providing sufficient funding through to first production and beyond. Liontown's Managing Director, Tony Ottaviano, expressed confidence in the ability to deliver the Tier-1 lithium project on budget and schedule to first production by mid-2024. The execution of the A$550 million debt package was highlighted as significant, providing access to capital to see Kathleen Valley into first production, ramp-up to 3Mtpa and positive cashflow. The Company is reviewing the options for deferring the 4Mtpa mine expansion until market conditions improve and aims to release the results to the market by the end of the upcoming quarter.