So in last 12 months there has been lithium mine closures and some companies limiting lithium production.
WES in West Australian Newspaper today 29/08/24: Wesfarmers booked steady rises in profit and revenue thanks to Bunnings and Kmart, but its lithium business is already running at a loss due to poor timing in a grim market.
WES Annual Report 2024: Page 39: WesCEF’s lithium business contributed a loss of $26 million for the 2024 financial
year. This includes WeCEF’s share of Covalent corporate and overhead costs. WesCEF’s share of capital expenditure,
excluding capitalised interest, for the development of the project was $250 million during the year, taking
development expenditure, excluding capitalised interest, since the final investment decision to $978 million.
MIN in West Australian Newspaper 29/08/24: Chris Ellison says it’s the “sh**tiest time” to be the boss of Mineral Resources, proclaiming “no one” is making money from lithium and warned of a bigger Perth workforce cull than previously expected.
I understand the mining industry wants Government support by way of decreased Govt Royalty relief. Mining companies lease mining tenements from the State as all minerals belong to the Govt and these royalties support tax payers. WES should not be entitled to this relief whilst sitting on significant gold resources/reserves and not developing them in the best interests of the State (WA) and its tax payers.
WES has potentially some $2.4 billion profit before tax in gold sitting in Mt Holland and doing nothing !
WES Price at posting:
$75.13 Sentiment: None Disclosure: Not Held
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