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HI5003 - Economics for Business

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HI5003 Economics for Business (HI5003)

   

Added on  2020-04-13

HI5003 - Economics for Business

   

HI5003 Economics for Business (HI5003)

   Added on 2020-04-13

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Running Head: ECONOMICS FOR BUSINESSEconomics for BusinessName of the StudentName of the UniversityAuthor note
HI5003 - Economics for Business_1
ECONOMICS FOR BUSINESS1Table of ContentsIntroduction......................................................................................................................................2Article Summary..............................................................................................................................2Economic analysis of the article......................................................................................................4Supply short fall of lithium..........................................................................................................4Long run situation in the mining industry...................................................................................5Recommendation.............................................................................................................................6Conclusion.......................................................................................................................................6References........................................................................................................................................7
HI5003 - Economics for Business_2
ECONOMICS FOR BUSINESS2Introduction Natural resources are the gift from nature. The natural resources are extracted and usedfor various productive purposes. Australia has the blessing from nature with a huge storage ofmining resources. The paper discusses demand and supply condition of mineral resourcesparticularly for lithium in Australia. To combat pollution there nations across the world is nowfocuses on using Electronic vehicles. This increases the demand for lithium used in the batteryand gives the opportunity of a price gain. There is initially a supply short fall and the producersneed to increase supply to maintain a balanced situation. The paper analyzes this issueeconomically. Article Summary In the global market, the demand for lithium is scrambling leaving a path on the iron oreof northern Australia. The work in mines are accelerating to fulfill the rising demand of batterymakers globally. Large planned projects are initiated to increases the supply of lithium and retainthe position of Australia one of the top suppliers of in the global market. This will help tomaintain the grip of Australia in the global market (www.bloomberg.com 2017). The biggestmine is extended about 75 miles from the Hedland Port, which provides a gateway to the China’smarket. The target of Pilbara Minerals Ltd is to start shipment in the second quarter of 2018 fromthe Pilgangoora project and advances its working for potential expansion. Another companyAltura Mining Ltd has scheduled to boost their output. The Wodgina mine located nearlyMineral Resource Ltd is known for its largest lithium deposits. The undertaken projects willform an emerging cluster global production cluster as opined by Althura and Pilbara.
HI5003 - Economics for Business_3

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