Video News/Kitco Mining

Slowing electric vehicle sales and new tech are both contributing to the lithium sector’s woes, said Daniel Jimenez, partner at iLiMarkets. Last week Jimenez spoke to Kitco Mining. After the lithium shot up at the start of the decade, it is now experiencing a downturn. Prices have fallen 80% over the past two years. Overcapacity and declining electric vehicle sales have led to a significant drop in lithium prices. Some of the large lithium giants are cutting. Early this year lithium giant Albemarle announced job cuts and deferred spending. Other miners have been expanding despite the slump. SQM is ramping up its refinery in northern Chile. The investment would take the facility up to 300,000 tons, according to Reuters. In August Pilbara Minerals announced plans to acquire Latin Resources for $369 million.