Unexpected leadership changes within a day at the world’s two largest lithium producers underscore concerns over a lack of executive experience in the industry amid a nascent boom for the battery metal.
Locking in supplies of key battery raw materials lithium and cobalt has been a headache for electric car manufacturers, but these days it’s the supply of nickel and graphite that’s keeping them up at night.
The expansion, on top of a $238 million upgrade due for completion in April, will double the mine’s production to 1.95 million tonnes a year of lithium concentrate a year from 2020.
From the $939bn invested in major projects between 2008 and 2017, the world’s top 40 mining companies by market cap. wrote-off $273bn or 29% of the initial capital outlay.
The London Metal Exchange has asked companies that assess prices of battery-grade lithium to submit proposals to supply a reference for the cash-settled contracts it plans to launch next year.