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Liontown Resources has revised its production rate to 2.3 million tonnes per annum by the end of FY 2025 due to low spodumene concentrate prices, navigating a challenging lithium market. Despite this, corporate interest remains strong, highlighted by Rio Tinto's significant investment in a lithium project in Argentina. However, Western producers face tough competition from Chinese firms, which may operate below cost, complicating the market landscape.
Meta has received a Shonky award for failing to protect Australians from scams, with losses reaching $95 million in 2023. Queensland retiree Gary lost $110,000 to an investment scam featuring images of prominent figures, highlighting the platform's inadequate response to reported fraudulent ads. The government is now enforcing legislation that could impose fines of up to $50 million on social media companies that do not take sufficient measures against scams.
The ASX 200 is down 21 points (-0.26%) at 8159, on track to finish October approximately 1.3% lower after a record high of 8384. Retail sales rose only 0.1% in September, indicating cautious consumer behavior, while Woolworths shares fell 2.3% following a profit warning amid cost-of-living pressures. In contrast, Coles reported stable sales growth and avoided a profit warning, though its shares slipped 1.02%.
Gina Rinehart
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Liontown Resources navigates market challenges amid shifting lithium supply dynamics
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