Lithium market could see modest recovery in 2025: Adamas Intelligence
Firm expects global lithium demand to increase 26% to 1.46 million tonnes in 2025 on a lithium carbonate equivalent basis.
The Mining Association of Canada issued a statement praising the federal government’s decision to include businesses of all sizes in its wage subsidy, a component of a package of reforms designed to help businesses keep workers employed as the economy transitions through the covid-19 pandemic.
“As the employer of 626,000 individuals across Canada, accounting for one in every 30 jobs across the country, the newly announced wage subsidy will play a significant role in providing much-needed support to Canada’s mining industry,” the press release reads.
“The support being offered through this new program will enable mining companies to retain their workforces in the face of significant economic hardship brought on by the covid-19 pandemic”
Pierre Gratton, MAC CEO
According to the MAC, as is the case with many sectors, mining has been heavily impacted by covid-19, with multiple companies reducing or suspending operations at mines, smelters and refineries across the country, which has resulted in hundreds of layoffs of direct and indirect employees.
“The wage subsidy will help prevent further layoffs, thus minimizing both the scale and extent of disruption to both businesses, employees and contractors and better position the mining sector to resume operations and support the many thousands of individuals who depend on it for employment,” the president of the industry group, Pierre Gratton, said in the brief.
The wage subsidy will see 75% of an employee’s salary, up to $58,700, temporarily covered by the government to prevent layoffs and the disruption to both businesses and employees associated with such actions.
The benefit will be backdated to March 15, 2020, and businesses and nonprofit organizations seeing a drop of at least 30% in revenue due to covid-19 will be eligible for the program.
