MinRes adds to global lithium production cuts amid downturn
The company will put its Bald Hill lithium mine in Western Australia under care and maintenance starting this week.
Australia’s spending on mining exploration has hit a near-decade low of A$381 million in the three months to March, in a dramatic fall led mainly by the iron ore and coal sectors.
According to data from the Australian Bureau of Statistics released Monday, the country’s total exploration spending dropped 13.4%, down almost 60% from the high of A$1 billion invested in the industry in the first quarter.
Investment in iron ore exploration dropped by $63 million or 43.4$. The sector is down 76% since 2012. Spending on coal was down more than $34 million or 44% in the first quarter of the year, becoming the second-largest decrease by commodity.
In terms of states, Queensland led the decline with spending down 32%, or $31 million. Western Australia’s exploration spending dropped $30 million, or 12%, led by a significant decline in iron ore activities. And in coal-rich New South Wales, spending on exploration for the fossil fuel almost halved to $9.9 million during the March quarter.
