Lithium carbonate in China has tumbled almost 30% since touching a record in November.

Lithium miner said it now expected fiscal 2023 spodumene concentrate production from Mt Cattlin in the range of 114,000 tonnes to 124,000 tonnes.

Agreement is for a minimum three-year term to supply up to 35,000 terapascal anode active materials beginning February 2025.

Miners have wrestled with surging costs and a tight labour market amid sharply lower iron ore prices over the latter half of 2022, as China's strict zero-covid-19 policy curtailed economic activity.

Baowu is looking to benefit from efforts to repair trade relations between China and Australia.

Earlier this month its chief executive told press the developer had around 200,000 tonnes of spodumene to sell.

Lynas' operating licence came with conditions that prohibited the import and processing of lanthanide concentrate after July 1.

Higher prices and more government support will be needed to ease the next copper shortfall, according to the bank.