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looks to acquire more lithium resources to secure post-2030 supply","albemarle-looks-to-acquire-more-lithium-resources-to-secure-post-2030-supply","article/albemarle-looks-to-acquire-more-lithium-resources-to-secure-post-2030-supply",{"_uid":557,"date":558,"tags":559,"editor":563,"content":573,"excerpt":736,"featured":51,"reporter":737,"_editable":741,"component":742,"seo_title":553,"categories":743,"visibility":748,"author_company":49,"featured_image":749,"seo_description":736,"author_full_name":49,"author_job_title":49,"formattedDate":754,"formattedArticleDate":755},"81497680-d18a-443c-821d-695bbed0b293","2023-08-03 00:00",[560],{"slug":561,"name":562},"albemarle","Albemarle",[564],{"slug":565,"name":566,"content":567},"matthew-bird","Matthew Bird",{"job_title":568,"image":569,"bio":571,"linkedin":572},"Senior Editor - Supply Chains & Data Visualisation",{"filename":570},"https://a.storyblok.com/f/287943243085208/512x512/14738033ec/matthew-bird.jpeg","Matthew writes, edits and produces content for Benchmark Intelligence and Benchmark Source across the whole mine to grid supply chain. He also acts as a liaison to the press. He has a PhD in electrochemistry from the University of Nottingham.","https://www.linkedin.com/in/birdmatthew/",{"type":574,"content":575},"doc",[576,593,598,603,608,613,626,633,638,643,648,653,658,671,676,681,686,691,696,701,706,711,716,721,726,731],{"type":577,"attrs":578,"content":579},"paragraph",{"textAlign":49},[580,583,591],{"text":581,"type":582},"Albemarle, the world’s largest lithium producer, said it will make more acquisitions in early stage ","text",{"text":584,"type":582,"marks":585},"lithium",[586],{"type":587,"attrs":588},"link",{"href":589,"uuid":49,"anchor":49,"target":49,"linktype":590},"https://www.benchmarkminerals.com/forecasts/lithium/","url",{"text":592,"type":582}," projects as it looks to secure resources to meet future demand after 2030.  ",{"type":577,"attrs":594,"content":595},{"textAlign":49},[596],{"text":597,"type":582},"“We’re pretty much good until about the end of the decade or so but we need additional resources beyond that, but the lead time to identify, qualify and then bring a resource on we need that kind of time,” Kent Masters, chief executive of Albemarle, told analysts on Thursday.",{"type":577,"attrs":599,"content":600},{"textAlign":49},[601],{"text":602,"type":582},"The comments come after Albemarle invested in two undeveloped lithium projects this year, and made a A$5.5 billion bid for Australia’s Liontown Resources in March. ",{"type":577,"attrs":604,"content":605},{"textAlign":49},[606],{"text":607,"type":582},"Lithium prices continue to fall making it a good time to buy new assets. Chinese spot battery grade lithium carbonate prices have fallen by 48% since January while battery-grade lithium hydroxide prices are down 51% year-to-date, according to Benchmark Lithium Price Assessment. ",{"type":577,"attrs":609,"content":610},{"textAlign":49},[611],{"text":612,"type":582},"The global lithium market is expected to be short of supply starting in 2027, due to growing sales of electric vehicles, according to Benchmark’s Lithium Forecast.  ",{"type":577,"attrs":614,"content":615},{"textAlign":49},[616,618,624],{"text":617,"type":582},"A total of $51 billion needs to be ",{"text":619,"type":582,"marks":620},"invested in lithium mining",[621],{"type":587,"attrs":622},{"href":623,"uuid":49,"anchor":49,"target":49,"linktype":590},"https://source.benchmarkminerals.com/article/financing-the-battery-arms-race-the-514-billion-cost-of-bridging-the-global-ev-supply-chain-divide",{"text":625,"type":582}," to meet forecast battery cell demand by 2030, according to Benchmark. ",{"type":627,"attrs":628,"content":630},"heading",{"level":629,"textAlign":49},4,[631],{"text":632,"type":582},"Resource deals",{"type":577,"attrs":634,"content":635},{"textAlign":49},[636],{"text":637,"type":582},"This month Albemarle acquired a 4.9% stake in Canadian junior miner Patriot Battery Metals for C$109 million ($82 million), a move that will help it build a supply chain in North America.",{"type":577,"attrs":639,"content":640},{"textAlign":49},[641],{"text":642,"type":582},"Patriot is developing the Corvette Property in the James Bay region of Quebec.",{"type":577,"attrs":644,"content":645},{"textAlign":49},[646],{"text":647,"type":582},"Canada’s lithium supply is forecast to grow to 225,000 tonnes LCE a year in 2030, from 24,000 tonnes LCE this year, according to Benchmark Lithium Forecast.",{"type":577,"attrs":649,"content":650},{"textAlign":49},[651],{"text":652,"type":582},"In June, Albemarle bought a 100% stake in Western Lithium, a subsidiary of Lithium Power, in a deal valued at A$30 million ($20 million). This provides Albemarle with “prospective exploration tenements” near its Greenbushes spodumene mine, Albemarle said. ",{"type":577,"attrs":654,"content":655},{"textAlign":49},[656],{"text":657,"type":582},"“We are taking smaller stakes to get our foot in the door,” Masters said. “That allows us to get information, and analyse the opportunity as it develops and then we’ll have an opportunity later whether we participate in a bigger way or not.” ",{"type":577,"attrs":659,"content":660},{"textAlign":49},[661,663,669],{"text":662,"type":582},"Albemarle’s A$5.5 billion ($3.7) billion cash ",{"text":664,"type":582,"marks":665},"takeover bid",[666],{"type":587,"attrs":667},{"href":668,"uuid":49,"anchor":49,"target":49,"linktype":590},"https://source.benchmarkminerals.com/article/albemarles-3-7-billion-offer-for-aussie-lithium-miner-liontown-rejected-as-opportunistic",{"text":670,"type":582}," for Liontown Resources was rejected by the Australian lithium spodumene developer, who said it was opportunistic and that it substantially undervalued the company. ",{"type":577,"attrs":672,"content":673},{"textAlign":49},[674],{"text":675,"type":582},"The board of Liontown has “not meaningfully engaged in progressing the transaction,” Albemarle’s chief financial officer Scott Tozier said Thursday.",{"type":627,"attrs":677,"content":678},{"level":629,"textAlign":49},[679],{"text":680,"type":582},"Adding conversion capacity",{"type":577,"attrs":682,"content":683},{"textAlign":49},[684],{"text":685,"type":582},"Albemarle needs to secure supplies of lithium to feed its processing plants, following an increase in conversion capacity. ",{"type":577,"attrs":687,"content":688},{"textAlign":49},[689],{"text":690,"type":582},"Last month Albemarle agreed with its partner Mineral Resources that it would become the sole owner of the Kemerton lithium hydroxide processing facility in Australia. ",{"type":577,"attrs":692,"content":693},{"textAlign":49},[694],{"text":695,"type":582},"Albemarle also plans to build a lithium hydroxide refinery in South Carolina.",{"type":577,"attrs":697,"content":698},{"textAlign":49},[699],{"text":700,"type":582},"In addition, as part of the deal with Patriot the two companies said they signed a non-binding memorandum of understanding (MoU) to develop an integrated lithium hydroxide facility located in Canada or in the US. ",{"type":627,"attrs":702,"content":703},{"level":629,"textAlign":49},[704],{"text":705,"type":582},"Lithium demand ",{"type":577,"attrs":707,"content":708},{"textAlign":49},[709],{"text":710,"type":582},"Albemarle said lithium demand remained “strong” and it forecast global electric vehicle sales are on track for a 40% growth this year after a slower start to the year.",{"type":577,"attrs":712,"content":713},{"textAlign":49},[714],{"text":715,"type":582},"It said it expected its full year realised lithium pricing to be at the higher end of its previous range of a 20% to 30% increase on last year, “assuming recent lithium market prices continue through 2023.”",{"type":577,"attrs":717,"content":718},{"textAlign":49},[719],{"text":720,"type":582},"Contract prices for lithium hydroxide CIF Asia have fallen by 38% this year, according to Benchmark. ",{"type":577,"attrs":722,"content":723},{"textAlign":49},[724],{"text":725,"type":582},"“Since May, we have seen a rebound in lithium market prices driven by downstream restocking and a strong EV and battery production. Customers are returning to the spot market after restocking to unsustainably low levels of inventory against the backdrop of growing demand,” said Masters. ",{"type":577,"attrs":727,"content":728},{"textAlign":49},[729],{"text":730,"type":582},"The company raised the full year guidance citing recent increases in lithium prices and volumes. ",{"type":577,"attrs":732,"content":733},{"textAlign":49},[734],{"text":735,"type":582},"Albemarle said it now expects full year net sales to be between $10.4 – $11.5 billion, from between $9.8 and $11.5 billion it forecast previously, primarily driven by growth in electric vehicles. ","Albemarle, the world’s largest lithium producer, said it will make more acquisitions in early stage lithium projects as it looks to secure resources to meet future demand after 2030. “We’re pretty much good until about the end of the decade or so but we need additional resources beyond that, but the lead time to identify, […]",[738],{"slug":565,"name":566,"content":739},{"job_title":568,"image":740,"bio":571,"linkedin":572},{"filename":570},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"81497680-d18a-443c-821d-695bbed0b293\", \"id\": \"\"}-->","article",[744,747],{"slug":745,"name":746},"batteries","Batteries",{"slug":584,"name":8},"private",{"id":49,"alt":750,"name":750,"focus":750,"title":750,"source":750,"filename":751,"copyright":750,"fieldtype":752,"meta_data":753,"is_external_url":51},"","https://a.storyblok.com/f/287943243085208/b1968eca64/bm-talison-lithium.jpg","asset",{"alt":750,"title":750,"source":750,"copyright":750},"Aug 03, 2023","3rd August 2023",[],[],1792773912243]