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Australian Lithium Auction Sees Record Bid as World Prices Surge

  • Pilbara Minerals got 22 offers during 30-minute auction window
  • The winner will pay nearly 10% more than last sale in August
Lithium ore.

Lithium ore.

Photographer: Carla Gottgens/Bloomberg

An auction of lithium from an Australian miner just attracted its highest-ever winning bid.

Pilbara Minerals Ltd. said a buyer will pay the equivalent of $7,708 a ton for spodumene concentrate -- a partly-processed form of lithium -- delivered to China. The sale of the 5,000-ton cargo on Tuesday compares with a top bid of $7,012 at the last auction on the miner’s Battery Material Exchange in early August.