Oct 25 Reuters - Mineral Resources Ltd will restart operations at the Albemarle Corp lithium mine it owns next year with Wodgina, the Australian miner said on Monday, on improving demand for the metal used in making electric vehicle EV batteries.
Lithium prices have soared to more than three-year highs https: www.reuters.com. com business autos-transportation surge-electric vehicle-sales - power-lithium - prices-shortages - loom - 2021 - 09 - 13, as the green transition is set to see a surge in demand for electric vehicles.
The mine in Western Australia's Pilbara region has a capacity to process 750,000 tonnes of spodumene concentrate per year, a mineral from which lithium is extracted, but has been idle since November 2019 when the lithium market was weak.
The production would start in the third quarter of 2022 initially, with one of the three 250,000 tonnes per year processing lines and the other two coming online as demand rises, Mineral Resources said.
Shares of Mineral Resources, which also mine iron ore, surged as much as 7.2% in early trade, their sharpest rise since April this year.
Wodgina holds 60% of the Albemarle mine with Mineral Resources holding the rest.