Lithium giant cuts prices but says bottom is in sight
Summary
Pilbara Minerals managing director Ken Brinsden said prices were likely to remain weak in the short term but momentum for the next wave of demand was starting to build. Chinese company Tianqi owns 51 per cent of Windfield and is therefore believed to be facing a payment of about $US18 million to the ATO. Tianqi and Albemarle are both building lithium hydroxide processing hubs in Western Australia, partly motivated by a desire to simplify the transfer pricing problems. Pilbara Minerals flagged more cost-cutting as it tries to stop the bleeding from weak demand and low spodumene concentrate prices. Pilbara Minerals managing director Ken Brinsden said the company would seek more cuts in operating costs as “challenging market conditions persist”.
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