Arcadium Lithium (NYSE: ALTM; ASX LTM), one of the world’s...

Arcadium Lithium (NYSE: ALTM; ASX LTM), one of the world’s largest producers of the battery metal, plans to idle its Mt. Cattlin spodumene mine in Australia next year in another step to cut costs in a weak lithium market. It’s already paused its Galaxy project in Quebec and delayed part of an expansion at Fénix in Argentina.Putting Mt. Cattlin into care and maintenance aims to increase cash flow by a potential US$100 million, adding to US$500 million in reduced spending over two years at Galaxy (formerly known as James Bay), and Fénix.

Arcadium could resume operations at the Mt. Cattlin site in Western Australia if the spodumene market rebounds, the company said on Thursday.“With operating cash costs at the site previously quoted in the low-US$900s, the asset is underwater at current prices,” BMO Capital Markets said in a note on Thursday. The most recent Fastmarkets spodumene price in China is US$760 per tonne, BMO Commodities Research director Colin Hamilton noted.Lithium prices have plunged from record highs two years ago, pulling down other miners such as Chile’s SQM (NYSE: SQM), the world’s second-biggest lithium producer, which reported a 63% decline in quarterly profit last month.

Albemarle (NYSE: ALB), the largest lithium producer, has slashed costs and delayed projects among its brine and hard-rock operations. Analysts at S&P Global forecast lithium prices to remain subdued for five to 10 years as oversupply and a consumer backlash over electric vehicles hurt the market.