Benchmark becomes world’s only PRA for lithium and EV battery materials to set Type 2 IOSCO standards across the board

Benchmark becomes world’s only PRA for lithium and EV battery materials to complete a Type 2 assurance engagement with respect to the IOSCO Principles for Price Reporting Agencies

Benchmark Mineral Intelligence is delighted to announce the successful completion of an independent audit of its policies, processes and controls implemented to adhere to the IOSCO Principles for Price Reporting Agencies (PRA). The audit was conducted by PricewaterhouseCoopers LLP (“PwC”).

Benchmark was again subject to reasonable assurance by PwC – the highest level of assurance available for an audit – over its activities across the 12 month period (known also as a Type 2 assurance opinion), from 1 October 2022 and 30 September 2023, for all price grades under its Lithium, Nickel, Cobalt and Flake Graphite and Uncoated Spherical GraphitePrice Assessments.

This audit assures whether throughout this time period, Benchmark adhered to its stated methodology and procedures, as required by the IOSCO Principles using its unique market-specific price assessment methodologies.

Further to this, Benchmark was subject to limited assurance by PwC for the first time – as is industry practice – over its activities as at 30 September 2023 (a Type 1 assurance opinion) against its Anode, Cathode and Synthetic Graphite Price Assessments in preparation for a reasonable assurance (Type 2) audit in 2024.

This gives Benchmark subscribers and the lithium ion battery supply chain the confidence that Benchmark’s downstream anode and cathode prices are assessed to the same rigorous standard as its upstream raw material price assessments.

Benchmark’s transparency in pushing for this highest level of external audit demonstrates the company’s founding principle to provide the most robust and reliable lithium ion battery supply chain price data for its subscribers.

A copy of the report can be requested here.

Daniel Fletcher-Manuel, Head of Prices, Data & Indices, Benchmark said:

“I’m proud to say we are the only global PRA to commission Type 2 IOSCO assurance across the depth and breadth of battery materials we do.”

“It is critical to the success of the energy transition that industry participants can secure long-term, strategic trade partnerships where both risk and reward are shared.”

“With billions of dollars of trade every year being underpinned by Benchmark Minerals’ prices and as contract mechanisms become increasingly sophisticated, it is vital that we maintain the market’s confidence as the index provider of choice.”

Caspar Rawles, Chief Data Officer, Benchmark said:

“Benchmark continues to set the standard by continuing its Type 2 IOSCO assurance over its long standing price assessments for the lithium and battery supply chain.

“This achievement highlights our dedication to data quality across the board by commissioning Type 1 IOSCO assurance on our newest Anode, Cathode and Synthetic Graphite Price Assessments, the first step, ready for the Type 2 audit in 2024”

“Obtaining Type 2 assurance from a reputable auditor is so crucial to understand the level of detail and rigour that sets Benchmark apart from everyone else.

“Type 2 assurance opens our price assessment process up for the whole year, rather than the point in time, spot check approach for Type 1 assurance.

“We urge all market participants to ask two questions: one, is every single price you are using Type 2 assured? And two, who is assuring it?

“PwC is the best in the business for IOSCO audits.”

Simon Moores, CEO, Benchmark said:

“No one has ever reached this level of rigour and accuracy for lithium and battery raw materials prices.

“This audit has, yet again, independently demonstrated that there is no market price offering like Benchmark’s.”

“It is a true first and I am so proud of Benchmark’s prices division.”

“Benchmark’s level of rigour and detail in setting prices for the lithium ion battery supply chain is unprecedented, unrivalled and something quite special.

“Since 2014, we have been laser focused on pioneering battery raw material market price assessments, moving the industry offering away from inaccurate, journalistic methods to a data-first and industry knowledge approach.

“This is just one reason why Team Benchmark is the fastest growing and most trusted PRA and data business in the critical minerals, battery and energy transition space.”

Which Benchmark prices were included within the scope of the audit?

Reasonable assurance (Type 2):

Lithium

Graphite

Flake graphite – lithium ion battery natural graphite anode feedstock:

Uncoated Spherical Graphite – The lithium ion battery natural graphite anode precursor:

Cobalt

Nickel

Limited Assurance (Type 1):

Synthetic Graphite – lithium ion battery synthetic graphite anode feedstock:

Anode

Cathode

To learn more about Benchmark’s Price Assessments and to request a sample price report, please fill out this form and we will be in touch.