Pretty useless what the West govt is doing...World’s biggest...

Pretty useless what the West govt is doing...

World’s biggest lithium producer urges state help to compete with China

US-based Albemarle cuts expansion plans amid struggles for processor of key mineral for electric cars

“If we’re going to build western supply chains [for electric cars], then action needs to be taken now,” Masters told the Financial Times.

A brutal downturn in the lithium price has made it harder for western groups to compete with Chinese companies because of their cheaper costs, forcing North Carolina’s Albemarle to cut expansion plans.

The price has plunged more than 80 per cent to less than $12,000 per tonne since the start of 2023 because of a global slowdown in electric car sales and a wave of new supply of the mineral.

In addition, US President Joe Biden’s flagship climate change legislation, the Inflation Reduction Act, had failed to reduce the west’s dependence on China for materials such as lithium, said Masters.

“We’re not necessarily getting support from the market or other industry players . . . whether it’s a crisis or not, I’m not sure, but it’s a very important moment in time.

“China is going to control these supply chains or we’re going to build western supply chains to compete.” He added: “I’m not sure it’s clear that the west is building those supply chains out right now.”