US giant Albemarle has flagged expansion of its Australian mines and processing hubs after dramatically upgrading its lithium and electric vehicle forecasts.
Lithium giant Albemarle has raised its forecast for future lithium demand by more than 15 per cent and signalled it would expandBut Mineral Resources swiftly provided a reminder on Wednesday that expanding mines in Western Australia is easier said than done, revealing that
Albemarle raised its forecasts for lithium demand by about 15 per cent, suggesting the world would consume 1.8 million tonnes of the commodity in 2025 and 3.7 million tonnes in 2030.Barely two months ago, Albemarle told investors that demand for lithium carbonate equivalent would be 1.5 million tonnes in 2025 and 3.2 million tonnes in 2030.
Albemarle said on Wednesday it had about 200,000 tonnes of lithium production capacity at the end of 2022, but wanted that to rise to between 400,000 and 650,000 tonnes by 2030.It flagged two waves of expansion at Wodgina and Greenbushes that would help achieve that volume growth; the first wave was expected before 2024 when third processing “trains” are added to both mines.
Albemarle flagged two further lithium hydroxide trains were likely at Kemerton between 2025 and 2027; those additions would take Kemerton to four processing trains.build a lithium hydroxide processing plant at WodginaAlbemarle has been cool on the idea of a lithium hydroxide plant at Wodgina, and did not list Wodgina as a future site for a lithium hydroxide plant in Wednesday’s update.
Albemarle signalled on Wednesday that it would seek more exposure to lithium prices, saying it would move away from multi-year contracts in favour of selling lithium on three month contracts or daily “spot” markets.
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