Australian miner Mineral Resources Limited is shutting down its Bald Hill lithium mine amid a crash in lithium prices, in another project curtailment in the industry that has seen prices tumble by 80% from their peak in 2022. Slower electric vehicle EV sales globally and an oversupply on the market with African lithium mined by Chinese companies have kept lithium prices subdued this year.
The world’s largest lithium producer, North Carolina-based Albemarle, booked a net loss of $1.1 billion for the third quarter amid lower pricing in the lithium value chain. As part of measures to reduce costs and operations, Albemarle will be reducing its global workforce by an expected 6-7% and is slashing its 2025 capital expenditures by approximately 50% versus 2024 to an anticipated range of $800 million to $900 million.