Lithium producer says west cannot end reliance on China in critical minerals

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Financial Times 19h ago

Lithium producer says west cannot end reliance on China in critical minerals - Financial Times

Quick Summary:

While the US Inflation Reduction Act included tax credits to encourage the sourcing of non-Chinese sourced materials and domestic production, Albemarle says the law has not accelerated the buildout of a supply chain down to the minerals sector.

Global mining supply is expected to grow about 24 per cent this year and 21 per cent next year, according to Macquarie, which does not expect prices to recover until 2027.

Albemarle reported a quarterly loss of $1.1bn earlier this month on low lithium prices and reduced its workforce by 6-7 per cent as part of its cost savings plan.