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Australia beefs up lithium refining despite downturn
9/10/2024
10 min read
Feature
Lithium is a key component of lithium-ion batteries for electric vehicles (EVs) in the transition towards a renewable energy-based economy. Here, Nnamdi Anyadike examines why some Australian miners have begun to increase production, despite a severe market downturn.
A successful transition away from a fossil fuel-based economy and towards a renewable energy-based economy depends on creating greater access to ‘green metals’ like lithium. With its high energy density and light weight, lithium is pivotal to the green energy transformation. It is a key component of lithium-ion batteries that are used in energy storage systems such as in EVs.
Australia is the world’s biggest lithium producer by a long way. According to the Energy Institute’s Statistical Review of World Energy, its 2023 output of lithium content was 86,000 tonnes, just under the combined output of next two biggest producing countries; Chile (56,500 tonnes) and China (33,000 tonnes). Much of Australia’s production growth has occurred in the last decade, over which it has experienced annual growth of 23.9%.
Although market fluctuations have resulted in a drop in the lithium market over the past couple of years, demand for the metal is expected to increase significantly in the next decade. Indeed, some Australian miners have begun to defy the severe market downturn and are ramping up production in anticipation of the eventual market upswing. One such miner is Pilbara Minerals, which is increasing production at its Pilgangoora mine in Western Australia.