November 13th 2024.
Mineral Resources Limited, a mining company based in Western Australia, recently made an announcement that their Lithium Mine located at Bald will be ceasing its operations. This decision has raised concerns as it could potentially result in 300 employees losing their jobs. The mine, situated in the WA goldfields, has been in operation for some time now, about 50 kilometres away from Kambalda.
In light of this situation, the mine's workforce of 300 will be downsized significantly, with only ten people remaining on site. This reduced crew will be responsible for carrying out necessary maintenance and upkeep tasks as the mine enters a "care and maintenance" phase. This decision has been taken due to the current global market trends, which have resulted in a decline in prices for spodumene, the mineral rich in lithium that is extracted from the mine.
Mineral Resources Limited, in a statement to the ASX, explained that the temporary shutdown is a strategic move to conserve cash and preserve the value of Bald Hill's reserves of spodumene ore. The company further added that the mine could resume operations in the future if the market conditions for lithium improve. It is a challenging time for the mining industry, but MinRes is hopeful that things will turn around soon.
The news of potential job losses has come as a shock to the families of the 300 employees working at Bald Hill. The company has assured that they will make every effort to redeploy their staff to other mines in Western Australia. However, if suitable positions are not available, some jobs may become redundant. As the mine winds down its production, only 10 employees will remain on site until the last shipment of spodumene is sold in December.
It is a difficult situation for all involved, but MinRes is committed to supporting their employees during this challenging time. They are also grateful for the dedication and hard work of their staff at Bald Hill and are confident that their efforts have contributed to the success of the mine. The company remains optimistic that the market conditions for lithium will improve, and the mine can resume its operations in the future. Until then, they will continue to monitor the situation and make necessary adjustments to ensure the mine's sustainability.
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