(Bloomberg) — An unexpected shutdown at one of China’s biggest lithium mines has left the industry scrambling to judge if the move will be enough to end the battery material’s prolonged price slump.
The share prices of lithium miners from Australia to South America spiked Wednesday after reports that Contemporary Amperex Technology Co. Ltd., the world’s biggest battery producer, was suspending a mine that accounts for about 5% to 6% of global supply. Citigroup Inc. boosted its price forecasts, while Chinese futures for the metal surged.
Lithium spot prices have tumbled almost 90% since late 2022, forcing mine closures and project delays worldwide, but CATL’s shutdown in the southeastern Jiangxi province is one of the most notable to date.
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