With no recovery in sight, lithium prices force miners to reevaluate output
The price of the material that’s vital to the energy transition has plunged by around 80% since late 2022.
Chilean copper producer Antofagasta said on Tuesday 2019 profit climbed 9.5% on higher sales and lower costs, but flagged it would review its spending plans due to the tough global economy.
The London-listed miner said earnings before interest, tax, depreciation and amortisation (EBITDA) rose to $2.4 billion in the year ended Dec. 31, from $2.2 billion a year ago.
“In view of the current global situation, the expenditure programme is being reviewed to identify possible savings or deferrals,” Antofagasta said in a statement.
(By Zandi Shabalala; Editing by Louise Heavens)
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