The world’s largest lithium producer will slash production of the battery ingredient in WA, prompting the federal government to consider bringing forward planned assistance.
A crash in lithium prices has pushed US miner Albemarle to halve production and stop expansion at its $2 billion lithium hydroxide plant in south-west Western Australia, shed 300 workers and write down the asset’s value by about $1.5 billion.
“The decision was entirely due to market conditions and the commercial realities that lithium prices will stay lower for longer,” an Albemarle Australia spokesman said.The $US11 billion company also announced a review of its global costs and operating structure in response to “ongoing industry headwinds”.
Albemarle chief Kent Masters said the potential for long-term growth of its markets remained strong. This year the company will start exploring for more lithium deposits in WA. It will continue to employ about 460 workers at Kemerton.
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