Lithium miner Pilbara Minerals to halt production at Australian plant – BNN Bloomberg

(Bloomberg) — Lithium miner Pilbara Minerals Ltd. is suspending production at its Ngungaju processing plant at its Pilgangoora project in Western Australia as falling prices put pressure on the sector.

The continued fall in lithium prices and the ramp-up of another processing plant at the project prompted the decision to place Ngungaja under care and maintenance from December 1, the Pilbara said in a statement on Wednesday.

Pilbara’s decision follows that of peer Albemarle Corp. in August when it announced it was shutting half of its refining capacity in Australia and freezing expansion plans. Prices for the base battery metal used in electric vehicles have more than halved in the past 12 months, prompting miners to cut production.

The Perth-based company made $862 per tonne of spodumene concentrate in the three months ended September, down almost 20% from the previous quarter, it said. Revenue fell by almost a third.