Local mining firms appear to be capitalising on the global lithium boom. 

New figures show Mineral Resources (MRL) has been raking in spodumene concentrate prices almost 70 per cent higher than the prior corresponding period.

The Mt Marion lithium project in Western Australia - which is 51 per cent owned by MRL -  produced 104,000 tonnes of spodumene concentrate for the March quarter. 

At the same time, the average realised price of the product has increased by 69 per cent on the March quarter of 2021.

Mt Marion produced 5 per cent less spodumene concentrate than it had the year before, but plans are afoot to increase the project’s annual capacity by around 30 per cent.

“The decision to upgrade the plant reflects an expectation that the lithium market outlook will remain extremely strong for the foreseeable future,” MRL stated in its quarterly report.