Mineral Resources’ Chris Ellison says “it’s not a fun time” to be in the business as lithium prices languish. CREDIT:TREVOR COLLENS
Chris Ellison, the billionaire boss of Perth-based Mineral Resources, said on Thursday it was the “shittiest time” to be running a mining company exposed to the plunging price of lithium – a material needed to manufacture lithium-ion batteries that will power the growing global fleet of electric cars and store renewable energy.
“Our lazy First-World car manufacturers ... all of the leaders of those companies are making great profits out of combustion engines,” he said. “They don’t want to invest the money and waste their profits on developing the electric vehicle.”.
And ... Despite producing record output of hard-rock lithium, known as spodumene, from its Wodgina operation in WA, prices the company earned for its sales of the commodity collapsed by more than 75 per cent to $US1279 per dry metric tonne...
