Reported 3 months ago
Albemarle Corporation has suspended its expansion plans in Australia due to a significant decline in lithium prices, which have dropped approximately 80% from their peak in 2022. The company is halting construction at its Kemerton plant and plans to undergo a review of its costs and operations, expecting to incur a charge of $900 million to $1.1 billion in Q3. This market downturn, exacerbated by slower-than-anticipated demand for electric vehicles and an oversupply, poses challenges for Australia's position as a leading lithium supplier and complicates global efforts to reduce reliance on Chinese production.
Source: YAHOO