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Australia's MinRes to put lithium mine in ice, to cut 300 jobs

Australia's Mineral Resources said on Wednesday it will put its Bald Hill lithium mine in Western Australia under care and upkeep starting this week, which will affect 300 tasks, as part of a tactical review.

The relocation comes as a response to extended plunging battery metal prices, as global lithium markets reel from rapid supply growth, which outstripped need due to a downturn in electric automobile sales.

The last delivery of spodumene concentrate from the mine is anticipated to be sold in December, with the delivered volumes forecast for fiscal 2025 modified down to 60,000 dry metric tonnes (dmt), from an earlier quote of 120,000 dmt to 145,000 dmt.

We will continue to monitor lithium costs and site operating expenses with a view to recommencing operations once conditions enhance, the business stated in a statement.

By the end of FY24, Bald Hill had delivered and sold 67,000 dmt SC6 spodumene concentrate, contributing an underlying EBITDA of A$ 17 million ($ 11.10 million), according to its annual report.

(source: Reuters)