(Bloomberg) — Embattled Australian miner Mineral Resources Ltd. will immediately shut its Bald Hill lithium project, citing the crash in prices of the key battery material.
The Western Australia mine, capable of producing 150,000 tons of spodumene concentrate a year, was acquired by Mineral Resources last year. The announcement of its closure comes after the company said earlier this month that founder billionaire Chris Ellison will step down as managing director after an internal probe into undeclared payments found he had engaged in “profoundly disappointing” conduct.
“Following a strategic review and in light of a prolonged period of low spodumene concentrate prices, Bald Hill will be safely transitioned into care and maintenance from this week,” Mineral Resources said in a statement Wednesday. Its shares fell as much as 7.8% in Sydney after the announcement.
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