It is an essential element of the green energy transition and just a few years ago Australia was in the front seat of a lithium boom, but a new wave of supplies has put their competitive edge under pressure.
Consumers are increasingly opting to drive EVs, and governments continue to invest in solar and wind projects, yet lithium miners have spent the last year watching the price of their ore sinking. Last week, the financial pain inflicted by a year of declining lithium prices was revealed as Australia’s major producers opened their balance sheets up for investors.
Profits were down across the board as companies grappled with prices that had dropped by more than 50 per cent in just 12 months. Mineral Resources managing director Chris Ellison told investors he had seen many downturns in the past, but this one stood out.
“This is the shittiest time to be the [managing director] of a company,” he said. Pilbara Minerals CEO and managing director Dale Henderson offered a more tempered view of the past year. Earlier this year, low prices sent Core Lithium’s Finnis mine into care and maintenance.
For the rest of this article: https://www.abc.net.au/news/2024-09-03/lithium-price-crashes-and-australian-miners-in-damage-control/104262228