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Australia may bring forward planned tax incentives for critical minerals refining after a major lithium producer said it would be shutting half of its processing capacity in the country.that it would place one of the two processing trains at its Kemerton plant in Western Australia in “care and maintenance,” and would scrap construction of a planned third one. The decisions would result in the loss of 300 jobs, it said.
The US company, the world’s biggest lithium producer, has been hit by a slump in prices of the battery metal, caused by a supply glut and slower-than-expected sales growth for electric vehicles. The downturn has complicated efforts by the US and its allies to reduce reliance on Chinese output by building their own supply chains.
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