US-based Albemarle cuts expansion plans amid struggles for processor of key mineral for electric cars
The world’s largest lithium producer, Albemarle, has urged governments to intervene to loosen Chinese dominance of the market for the minerals that power electric cars. Kent Masters, chief executive of the US-based group, wants more help from countries and car manufacturers to fight Chinese competition after the collapse in the market for lithium, a key component of batteries used in electric and plug-in hybrid vehicles.
China processes 65 per cent of the world’s lithium, according to Benchmark Mineral Intelligence, a commodities data group. The Asian nation has an edge because of cheaper construction costs, subsidies and technical knowhow. The problems of Albemarle, which has struggled to find workers with the skills to run the complex operation at its Kemerton plant, could jolt western government officials into action.
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