The Greenbushes lithium mine in the state’s South West generated a $624 million profit for its three joint venture owners, a far cry from its bumper $6 billion profit two years ago.
The Greenbushes hard-rock lithium mine in the state’s South West generated a $624 million profit for its three joint venture owners, a far cry from its bumper $6 billion profit two years ago.
Australian holding company Windfield Holdings reported a $623.8 million profit after tax for 12 months to December, a slide from the $710.1 million profit in the prior year.
Those annual profit results pale in comparison to the major $6.3 billion profit generated in 2023, following a timely mine expansion and surging spodumene prices at the time.
Despite the price downturn in subsequent years, Greenbushes – operated by the joint venture entity Talison Lithium – has maintained its status as one of the more lucrative lithium mines in Australia.
Perth-based IGO owns an indirect 25 per cent stake, China’s Tianqi Lithium hold a 26 per cent interest and U.S. chemical giant Albemarle controls 49 per cent of the asset.
Greenbushes generated $1.68 billion in sales revenue in 2025, down from the $1.97 previously, the lion’s share of which is from its two major customers and shareholders, Tianqi Lithium Energy Australia and Albemarle.
Tianqi Lithium Energy Australia is joint venture between IGO and Tianqi for the pair’s struggling Kwinana lithium hydroxide refinery.
The holding company declared and paid fully franked dividends of $223.4 million to shareholders in 2025, which dropped from the $877.3 million paid in 2024.
Greenbushes in is the midst of another mine expansion in a move that is expected to extend the life of the existing operations by more than six years. Those plans are being assessed by the environmental watchdog.
A third chemical grade processing plant is in commissioning with first ore processed in December at Greenbushes, which is designed to lift production capacity.
Windfield’s report mentioned the tax office will be conducting an audit of their company’s financials over transfer pricing matters, being international transactions.
