Australia's Orocobre flags weak lithium market in first half of 2020 [Reuters]
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Source: Reuters
Australia's Orocobre flags weak lithium market in first half of 2020 (Reuters) - Australia’s Orocobre Ltd ( ORE.AX ) on Thursday flagged a weaker lithium market for the first half of 2020 and said it had cut costs at its flagship Olaroz lithium project in Argentina to tackle waning demand in the market. Lithium miners in Australia faced severe pressure last year as prices plummeted after a cut in electrical vehicle subsidies by China, the world’s biggest EV market, curbed demand for the metal. Last month, Orocobre cut its lithium carbonate sales price for the December quarter to ensure retention of market share. The company also lowered operating costs by 16% over the prior quarter in a bid to deal with the challenging market conditions. Prices of the battery material plummeted over 50% since 2018 and electric vehicle sales have slumped in China. Earlier this month, Galaxy Resources ( GXY.AX ) said it would sharply scale back operations at its flagship Mt Cattlin mine in 2020, whi
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