Wesfarmers won’t make money off lithium at current prices
Updated
Key Points
- Revenue in the first half of 2024 at Wesfarmers, the owner if Kmart and Bunnings, was largely flat at $22.67 billion.
- Net profit rose 3 per cent to $1.425 billion.
- An interim dividend of 91¢ per share was an increase of 3.4 per cent on the prior corresponding period and will be paid on March 27.
Wesfarmers, the conglomerate behind retail giants Bunnings and Kmart, confirmed it will make lithium concentrate this half, but its foray into critical minerals will be unprofitable at current prices.
Chief executive Rob Scott declined to declare whether the lithium price had bottomed, but is betting that stalled projects by other producers will lead to supply tightening and prices bouncing back.
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