Do any lithium followers here know what the big new , spod price bashing mines in Indoneia are?
Maybe the minister got nickel and lithium mixed up?
Mr Michael said the lithium market had tumbled after several large mines came on stream “very quickly, especially in Indonesia”. But there was some optimism the spodumene price would recover “in the next year or two”.
Anyway the Mines Minister has a cheerier prognosis than BMI …
The Greenbushes Talison lithium operation in WA’s south. Credit: IGO/TheWest
Mines and Petroleum Minister David Michael is tipping a nickel and lithium price recovery after more than a year in the doldrums, pointing to continued exploration as proof of optimism.
Both major commodities used in electric vehicle batteries have taken a monumental tumble but Mr Michael urged the sector to access the State Government’s $150m industry support program, which began on January 1.
“Part of the support package we did was just making sure our producers, whether they be mining or downstreaming, are ready to take advantage of that,” he said on Sunday.
“If they were to go into care and maintenance, obviously, it takes a while to get back.
“So, we want them to hopefully take advantage of what most are saying will be some sort of recovery in the next year or two.”
Last week, the price of spodumene, a lithium-bearing mineral, plunged to a four-year low of $US625/tonne, compared with its 2022 peak of more than $US8000/t.
Mr Michael said the lithium market had tumbled after several large mines came on stream “very quickly, especially in Indonesia”.
But there was some optimism the spodumene price would recover “in the next year or two”.
Mr Michael said it was also tough times for the nickel sector.
“Nickel is probably a bit further away,” he said.
“If you look at the exploration incentive scheme that we announced about a month ago, there are still people looking for nickel deposits in WA.
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