Australia's lithium mining boom hit by sagging prices

Lithium prices have plunged by over 75% since June 2023 due to falling electric vehicle sales and global oversupply, hitting Australia's economy as the world’s largest producer.

Mine shutdowns and job losses have occurred, but some firms, like Pilbara Minerals, are expanding production, anticipating a price rebound.

Australia is also investing in lithium refining to reduce dependence on China, which controls 60% of the global lithium refining market.

Efforts to develop greener extraction methods and improve battery recycling are underway, with hopes to create a sustainable lithium supply chain domestically.

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