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project","exclusive-ganfeng-eyes-us-oems-for-strategic-stake-in-mexican-lithium-project","article/exclusive-ganfeng-eyes-us-oems-for-strategic-stake-in-mexican-lithium-project",{"_uid":547,"date":548,"tags":549,"editor":559,"content":569,"excerpt":671,"featured":51,"reporter":672,"_editable":676,"component":677,"seo_title":543,"categories":678,"visibility":682,"author_company":49,"featured_image":683,"seo_description":671,"author_full_name":49,"author_job_title":49,"formattedDate":688,"formattedArticleDate":689},"f7aba20b-abb6-4cd3-a85f-db516c612a5a","2022-04-08 00:00",[550,553,556],{"slug":551,"name":552},"ganfeng","Ganfeng Lithium",{"slug":554,"name":555},"mexico","Mexico",{"slug":557,"name":558},"north-america","North America",[560],{"slug":561,"name":562,"content":563},"didi-bostock","Didi Bostock",{"job_title":564,"image":565,"bio":567,"linkedin":568},"Editor - Energy Transition & Economics",{"filename":566},"https://a.storyblok.com/f/287943243085208/512x512/2c5ca5c1a3/didi-bostock.jpeg","Didi is the Energy Transition & Economics Editor at Benchmark, covering a broad range of markets across the energy transition. His remit spans from downstream sectors such as BESS and EVs, through to midstream such as new technologies and battery production, to upstream critical minerals mining. He also leads on financial analysis across these supply chains, alongside in-depth policy analysis.\n","https://www.linkedin.com/in/didi-bostock-656342198/",{"type":570,"content":571},"doc",[572,579,584,589,594,599,604,609,614,619,624,629,634,641,646,651,656,661,666],{"type":573,"attrs":574,"content":575},"paragraph",{"textAlign":49},[576],{"text":577,"type":578},"China’s Ganfeng Lithium says major US automakers could make a “strategic” investment in the Sonora lithium mine in Mexico, as they seek to create a North American supply chain for battery raw materials.","text",{"type":573,"attrs":580,"content":581},{"textAlign":49},[582],{"text":583,"type":578},"China’s largest lithium producer said that an investment by Ford, GM or Tesla would help provide automakers with reliable supplies of lithium that can be easily shipped across the border to plants in the US.",{"type":573,"attrs":585,"content":586},{"textAlign":49},[587],{"text":588,"type":578},"“We are open to having strategic investors in our Mexico project, together with investment we could have an offtake agreement with them,” Wang Xiaoshen, vice chairman of Ganfeng, told Benchmark. “They are also interested in having a local supply chain that is closer, a logistically more reliable supply chain.”",{"type":573,"attrs":590,"content":591},{"textAlign":49},[592],{"text":593,"type":578},"Ganfeng, which supplies Tesla and BMW, has been the most acquisitive global lithium company over the past decade, investing in projects in Argentina, Mali and Australia. This week the company said it is looking to more than double its lithium chemicals production capacity by 2025 to 300,000 tonnes LCE a year. By the end of the decade it aims to double that to 600,000 tonnes LCE a year, it said.",{"type":573,"attrs":595,"content":596},{"textAlign":49},[597],{"text":598,"type":578},"Listed on the Shenzhen and Hong Kong stock exchanges, Ganfeng has a market capitalisation of $26 billion, compared to $25 billion for US producer Albemarle.",{"type":573,"attrs":600,"content":601},{"textAlign":49},[602],{"text":603,"type":578},"The Sonora lithium project in Mexico is set to start production in the middle of 2024, producing lithium from clay deposits. Ganfeng is also looking at building battery recycling there, and eventually solar power, Wang said.",{"type":573,"attrs":605,"content":606},{"textAlign":49},[607],{"text":608,"type":578},"Ganfeng currently owns 50% of Sonora, but last May made an offer to acquire all of the shares of UK-listed Bacanora Lithium, which holds the remainder of the project. The transaction is still being finalised.",{"type":573,"attrs":610,"content":611},{"textAlign":49},[612],{"text":613,"type":578},"Ganfeng says extracting lithium from clay at Sonora will be quicker than lithium produced in South America from brine but the process will have a similar cost. The project is set to have capacity to produce up to 35,000 tonnes of lithium carbonate a year.",{"type":573,"attrs":615,"content":616},{"textAlign":49},[617],{"text":618,"type":578},"Mexico’s president Andres Manuel Lopez Obrador has said that the country should nationalise its lithium resources but Wang said it would be too risky for the state to develop lithium.",{"type":573,"attrs":620,"content":621},{"textAlign":49},[622],{"text":623,"type":578},"“Lithium is not oil, it’s a very complicate process … You need the knowhow, the investment, you need the technology, only all those things put together can you make lithium,” he said. “There will be risk for the state using public money to make lithium for batteries.”",{"type":573,"attrs":625,"content":626},{"textAlign":49},[627],{"text":628,"type":578},"Mexico could also become a key battery hub for the US market, Wang said. Ganfeng could consider investing in battery production or recycling in the country, he added.",{"type":573,"attrs":630,"content":631},{"textAlign":49},[632],{"text":633,"type":578},"“Gradually you will have the base to attract more downstream supply chain companies to invest in Mexico,” Wang said. “If you don’t have enough or competitive lithium supply in Mexico it will be difficult for other downstream companies to come to Mexico.”",{"type":635,"attrs":636,"content":638},"heading",{"level":637,"textAlign":49},4,[639],{"text":640,"type":578},"Investing in juniors",{"type":573,"attrs":642,"content":643},{"textAlign":49},[644],{"text":645,"type":578},"Ganfeng will continue to invest in junior lithium miners to support exploration and future supply of lithium, Wang said.",{"type":573,"attrs":647,"content":648},{"textAlign":49},[649],{"text":650,"type":578},"“We believe the lithium industry needs to invest more in exploration rather than just buy existing projects,” he said. “We need to create or build more incremental resources to supply to the market. That’s also our responsibility as a lithium company.”",{"type":573,"attrs":652,"content":653},{"textAlign":49},[654],{"text":655,"type":578},"Ganfeng has signed lithium offtake agreements with junior lithium miners Core Lithium in Australia and AVZ in the Democratic Republic of the Congo.",{"type":573,"attrs":657,"content":658},{"textAlign":49},[659],{"text":660,"type":578},"While the company will invest in new supply, the biggest factor this year is the uncertainty around the demand for electric vehicles, Wang said. China is grappling with the spread of Covid-19 while automakers have increased prices for electric vehicles.",{"type":573,"attrs":662,"content":663},{"textAlign":49},[664],{"text":665,"type":578},"Many major automakers have also yet to sign new agreements with battery producers, which could lead to higher battery prices, he said.",{"type":573,"attrs":667,"content":668},{"textAlign":49},[669],{"text":670,"type":578},"“Everybody is watching what does this all mean for the end consumer market,” he said. “It’s still too early to tell.”","China’s Ganfeng Lithium says major US automakers could make a “strategic” investment in the Sonora lithium mine in Mexico, as they seek to create a North American supply chain for battery raw materials. China’s largest lithium producer said that an investment by Ford, GM or Tesla would help provide automakers with reliable supplies of lithium […]",[673],{"slug":561,"name":562,"content":674},{"job_title":564,"image":675,"bio":567,"linkedin":568},{"filename":566},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"f7aba20b-abb6-4cd3-a85f-db516c612a5a\", \"id\": \"\"}-->","article",[679],{"slug":680,"name":681},"critical-minerals","Critical Minerals","private",{"id":49,"alt":684,"name":684,"focus":684,"title":684,"source":684,"filename":685,"copyright":684,"fieldtype":686,"meta_data":687,"is_external_url":51},"","https://a.storyblok.com/f/287943243085208/75eedd6545/bm-ganfeng.jpg","asset",{"alt":684,"title":684,"source":684,"copyright":684},"Apr 08, 2022","8th April 2022",[],[],1780670083597]