Lithium miner Albemarle:EV battery demand weakens, suspending two operations from September

Published: Aug 10, 2020 11:49

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SMM8, March 10 / PRNewswire-FirstCall-Asianet /-- US lithium manufacturer Albemarle said last week that it would temporarily close two operations, the Silver Peak Lithium Mine in Nevada and the Kings Mountain Lithium hydroxide production plant in North Carolina, until the end of the year, due to reduced demand for (EV)-powered batteries for electric vehicles.

Scott Tozier, the chief financial officer, said on an earnings call on Thursday that the company plans to restart the two assets in early 2021.

The news came as the company reported a 45 per cent drop in second-quarter profit, in part because of weak lithium prices due to a global glut.

Albemarle sales fell 12.7% to $283.7 million in the second quarter.

Lithium producers had previously increased production in anticipation of increased demand from electric car makers by 2020, but the outbreak had seriously affected carmakers' plans.

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