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Australian Miners Ramp Up Search For Lithium to Meet EV Demand
- Miners’ spending on exploration rose 11% in December quarter
- Lithium supply seen struggling to meet demand in years ahead
Ore falls from a conveyor onto a stockpile at a lithium mine outside of Widgiemooltha, Australia.
Photographer: Carla Gottgens/BloombergThis article is for subscribers only.
Exploration spending by Australian-listed miners hit an eight-year high in the fourth quarter of 2021, driven by the search for new lithium resources to meet surging demand from battery and electric vehicle makers.
Miners invested A$973 million ($700 million) in the three months ended Dec. 31, according to a report by consultancy BDO, up 11% on the prior quarter. The spending lift was supported by a record A$3.75 billion worth of financing flowing into the sector through equity and debt raisings.