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Against the arid, red dirt of the Australian Outback, the Mount Holland lithium mine emerges to approaching visitors as a colossal grey-tinged crater, with trucks the size of houses edging along its steep inclines.
he catch is that the plant’s backers are expanding into a glut that has already forced some to hit the pause button, and risk extending a downturn that has battered the industry. Chile has by far the world’s most expansive natural endowment, with its mineral-rich salt flats. But outside Latin America’s Lithium Triangle, which also includes Argentina and Bolivia, it’s Australia that has the world’s most significant reserves of the metal, a vital component for the rechargeable batteries at the heart of the electric revolution.
Like others here, Henderson sees the hesitation among investors and some developers. But he argues that the relative youth of the lithium market means last year’s price plunge and flattening electric-vehicle demand should be seen as growing pains. From the very earliest days, mining has been woven into the fabric of Western Australia, a region roughly the size of Western Europe with a population half that of tiny Singapore. The industry dates back to a gold rush in the 19th century, but it was China’s economic awakening that created a steel and iron ore boom so expansive that it helped the country’s economy to sidestep the global financial crisis and cushion the impact of the pandemic.
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