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Lithium shines amid EV boom

Lithium shines amid EV boom


Australia’s lithium miners are eyeing a brighter outlook amid projections of a looming supply deficit and continued escalation of demand from the electric vehicle revolution. And with government support for downstream processing and manufacturing, the industry appears set for further growth despite recent volatility.

Miners’ quiet confidence comes after recent production cuts in response to sagging prices, following a ramp-up in supply. In October, Galaxy Resources joined the list of producers scaling back production, flagging a 40 per cent cut in output at its Western Australian lithium mine in 2020. The move followed Pilbara

Minerals’ announced plans to slash output at its Pilgangoora lithium mine, including job cuts. Pilbara blamed weakened demand from China, the world’s biggest lithium consumer, due to changes in its subsidies supporting Chinese electric vehicle (EV) production.

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