Leading lithium mining companies ASX Australia 2024, by market cap

As of September 3, 2024, the leading mining company with lithium operations listed on the Australian Securities Exchange (ASX) was Rio Tinto Ltd, with a market capitalization of 40.14 billion Australian dollars. Although Rio Tinto had the highest market cap, the company did not own lithium or spodumene mines in the country. Pilbara Minerals Ltd, with a market cap of 8.28 billion Australian dollars, was the leading company with lithium mining operations physically in Australia. 

The world’s largest lithium mine

In 2023, Pilbara Minerals’ Pilgangoora mine, located in Western Australia, became the largest hard-rock lithium mine in the world. In the 2023 financial year, Pilbara Minerals’ revenue soared to over four billion Australian dollars, before declining in 2024. The company’s production volume of lithium spodumene concentrates amounted to just over 725 thousand dry metric tons in the same year. 

Australia’s lithium trade

Australia plays a vital role in the global lithium market. While fiscal year 2023 saw a relatively high export value of lithium from Australia, primarily due to high production volumes and global demand, this demand looked set to decrease in the following years. Most of Australia’s lithium mines are in Western Australia. In 2023, China was the major export destination for Western Australian lithium spodumene concentrate. As the country explores more mid-stream lithium processing opportunities, it remains to be seen if China will still be the nation’s leading lithium trade partner.