Lithium miners are cutting costs and scaling back plans to expand production after slowing demand in China for electric vehicles crushed the price of the battery metal.
The price of lithium has tumbled more than 80 per cent in the past year to $13,200 per tonne, its lowest level since 2020, after excessive levels of supply hit the market, according to data group Benchmark Mineral Intelligence.
The fallout has pushed miners — mainly in Australia, which produces 40 per cent of the world’s supplies — to constrain production as decelerating demand for electric vehicles leaves stockpiles of half-processed material through the supply chain.
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