Albemarle Suspends Expansion Plans in Australia Amid Declining Lithium Prices

Amidst a continued decline in lithium prices, Albemarle, the world's largest lithium miner, has decided to suspend its expansion plans in Australia. On Wednesday, Albemarle announced a comprehensive evaluation of its costs and operational structure. This evaluation will involve halting the construction of a lithium processing production line at its Kemerton facility in Australia and performing "maintenance and upkeep" on another production line at the same location.

In a statement, Albemarle expressed its commitment to maintaining its full-year outlook, emphasizing that cost improvements and production growth are expected to mitigate the impact of current low price pressures. Despite the challenges posed by falling lithium prices, Albemarle remains focused on optimizing its operations to sustain long-term growth.