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key insights from Benchmark’s World Lithium Congress","four-key-insights-from-benchmarks-global-lithium-congress","article/four-key-insights-from-benchmarks-global-lithium-congress",{"_uid":557,"date":558,"tags":559,"editor":566,"content":576,"excerpt":873,"featured":51,"reporter":874,"_editable":878,"component":879,"seo_title":553,"categories":880,"visibility":889,"author_company":49,"featured_image":890,"seo_description":873,"author_full_name":49,"author_job_title":49,"formattedDate":894,"formattedArticleDate":895},"370d2f2e-70ff-4e1e-91a1-4bb2bb70dd26","2024-06-21 00:00",[560,563],{"slug":561,"name":562},"battery-gigafactories-usa-2024","Battery Gigafactories USA 2024",{"slug":564,"name":565},"esg","ESG",[567],{"slug":568,"name":569,"content":570},"didi-bostock","Didi Bostock",{"job_title":571,"image":572,"bio":574,"linkedin":575},"Editor - Energy Transition & Economics",{"filename":573},"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":577,"content":578},"doc",[579,596,603,616,621,630,635,640,645,658,663,684,697,705,732,737,742,755,762,767,772,779,784,789,794,807,812,817,824,829,850,855,868],{"type":580,"attrs":581,"content":582},"paragraph",{"textAlign":49},[583,586,594],{"text":584,"type":585},"Benchmark hosted the first World Lithium Congress on the final day of its ","text",{"text":587,"type":585,"marks":588},"Giga USA 2024",[589],{"type":590,"attrs":591},"link",{"href":592,"uuid":49,"anchor":49,"target":49,"linktype":593},"https://source.benchmarkminerals.com/article/giga-usa-2024-takeaways-policy-and-politics-drive-us-battery-ambitions","url",{"text":595,"type":585}," conference in Washington DC. Here, Source outlines the key takeaways.",{"type":597,"attrs":598,"content":600},"heading",{"level":599,"textAlign":49},4,[601],{"text":602,"type":585},"1. Lithium industry scaleup needed to meet battery demands",{"type":580,"attrs":604,"content":605},{"textAlign":49},[606,608,614],{"text":607,"type":585},"All critical minerals in the battery supply chain require significant scale-up to meet the 8.4 terawatt-hours of battery demand forecasted for 2040 by ",{"text":609,"type":585,"marks":610},"Benchmark’s Lithium ion Battery Database",[611],{"type":590,"attrs":612},{"href":613,"uuid":49,"anchor":49,"target":49,"linktype":593},"https://www.benchmarkminerals.com/forecasts/lithium-ion-batteries/reports",{"text":615,"type":585},".",{"type":580,"attrs":617,"content":618},{"textAlign":49},[619],{"text":620,"type":585},"But of these minerals, lithium is the common factor for all lithium ion battery technologies, making it the key limiting factor. By 2040, 5.6 million tonnes of lithium carbonate equivalents will be required, up from 1.2 million tonnes in 2024.",{"type":580,"attrs":622,"content":623},{"textAlign":49},[624],{"type":625,"attrs":626},"image",{"id":49,"alt":627,"src":628,"title":49,"source":49,"copyright":49,"meta_data":629},"","https://a.storyblok.com/f/287943243085208/0abd7b4c36/bm-andy-congress.jpg",{},{"type":580,"attrs":631,"content":632},{"textAlign":49},[633],{"text":634,"type":585},"Benchmark COO Andy Miller delivers the opening address at Benchmark’s World Lithium Congress",{"type":580,"attrs":636,"content":637},{"textAlign":49},[638],{"text":639,"type":585},"“Lithium remains the most critical of the minerals,” Andrew Miller, Benchmark’s chief operating officer, said at the opening of Benchmark’s World Lithium Congress last week. “The ability to scale lithium will ultimately dictate the ability to deliver a clean energy economy.”",{"type":597,"attrs":641,"content":642},{"level":599,"textAlign":49},[643],{"text":644,"type":585},"2. Lithium is global, but China is central",{"type":580,"attrs":646,"content":647},{"textAlign":49},[648,650,656],{"text":649,"type":585},"The geopolitics of the global lithium supply chain will be key in shaping the industry over the next decade. This year will see ",{"text":651,"type":585,"marks":652},"elections take place in over 60 countries",[653],{"type":590,"attrs":654},{"href":655,"uuid":49,"anchor":49,"target":49,"linktype":593},"https://source.benchmarkminerals.com/article/how-the-battery-industry-could-be-impacted-by-elections-this-year",{"text":657,"type":585},", with at least 16 of these with lithium projects either in operation or in development.",{"type":580,"attrs":659,"content":660},{"textAlign":49},[661],{"text":662,"type":585},"“The results of those elections, how they play out over the months to come will shape, in many cases, how quickly some of those assets can either be brought to fruition or be scaled over the coming months and years,” Miller said.",{"type":580,"attrs":664,"content":665},{"textAlign":49},[666,668,674,676,682],{"text":667,"type":585},"Globally, China has been active in developing mining projects around the world, through schemes such as the Belt and Road Initiative. This has led ",{"text":669,"type":585,"marks":670},"Chinese companies to be associated with 59% of last year’s mined lithium supply",[671],{"type":590,"attrs":672},{"href":673,"uuid":49,"anchor":49,"target":49,"linktype":593},"https://source.benchmarkminerals.com/article/how-much-control-do-chinese-companies-have-over-global-lithium-production",{"text":675,"type":585},", according to ",{"text":677,"type":585,"marks":678},"Benchmark’s Lithium Forecast",[679],{"type":590,"attrs":680},{"href":681,"uuid":49,"anchor":49,"target":49,"linktype":593},"https://www.benchmarkminerals.com/forecasts/lithium/reports",{"text":683,"type":585},". This is despite the relatively low amount of domestic mining, which accounted for 20% of global production last year.",{"type":580,"attrs":685,"content":686},{"textAlign":49},[687,689,695],{"text":688,"type":585},"China’s domestic lithium mining is, however, on the up, especially in terms of mica sources towards the ",{"text":690,"type":585,"marks":691},"right of the cost curve",[692],{"type":590,"attrs":693},{"href":694,"uuid":49,"anchor":49,"target":49,"linktype":593},"https://source.benchmarkminerals.com/video/watch/the-growing-role-of-chinese-mica-in-the-lithium-market",{"text":696,"type":585},". Although more expensive than other sources of lithium, such supply can be ramped up and down according to price dynamics, making it an important swing factor to be considered.",{"type":580,"attrs":698,"content":699},{"textAlign":49},[700],{"type":625,"attrs":701},{"id":49,"alt":702,"src":703,"title":49,"source":49,"copyright":49,"meta_data":704},"Chart titled China's outsized investment in lithium mining","https://a.storyblok.com/f/287943243085208/68ed78da25/bm-china-operation-vs-ownership-lithium.png",{},{"type":580,"attrs":706,"content":707},{"textAlign":49},[708,714,716,722,724,730],{"text":709,"type":585,"marks":710},"Chile",[711],{"type":590,"attrs":712},{"href":713,"uuid":49,"anchor":49,"target":49,"linktype":593},"https://source.benchmarkminerals.com/search/tag/chile?items_per_page=12&page_offset=0&tags[]=chile",{"text":715,"type":585},", one of the largest lithium mining jurisdictions in the world, currently only has two companies–",{"text":717,"type":585,"marks":718},"SQM",[719],{"type":590,"attrs":720},{"href":721,"uuid":49,"anchor":49,"target":49,"linktype":593},"https://source.benchmarkminerals.com/article/sqm-and-codelco-confirm-chilean-lithium-partnership",{"text":723,"type":585}," and ",{"text":725,"type":585,"marks":726},"Albemarle",[727],{"type":590,"attrs":728},{"href":729,"uuid":49,"anchor":49,"target":49,"linktype":593},"https://source.benchmarkminerals.com/article/chile-boosts-albemarles-quota-as-country-set-to-lose-lithium-market-share",{"text":731,"type":585},"–exploiting its lithium resources. It hopes to attract both domestic and international investment to strengthen its position whilst the State maintains some ownership of projects.",{"type":580,"attrs":733,"content":734},{"textAlign":49},[735],{"text":736,"type":585},"“Chile aims to develop a sustainable industry with the development of value added products in harmony with local communities and with public private partnerships,” Juan Gabriel Valdés, ambassador of Chile to the US, said.",{"type":597,"attrs":738,"content":739},{"level":599,"textAlign":49},[740],{"text":741,"type":585},"3. Lithium price volatility makes investment challenging",{"type":580,"attrs":743,"content":744},{"textAlign":49},[745,747,753],{"text":746,"type":585},"Compared to commodities such as iron ore and copper, lithium is a small, specialist market. That brings a greater level of ",{"text":748,"type":585,"marks":749},"volatility to the price environment",[750],{"type":590,"attrs":751},{"href":752,"uuid":49,"anchor":49,"target":49,"linktype":593},"https://source.benchmarkminerals.com/article/battery-raw-material-price-declines-add-to-long-term-supply-risks",{"text":754,"type":585},", which makes investing in long term projects challenging.",{"type":580,"attrs":756,"content":757},{"textAlign":49},[758],{"type":625,"attrs":759},{"id":49,"alt":627,"src":760,"title":49,"source":49,"copyright":49,"meta_data":761},"https://a.storyblok.com/f/287943243085208/d961f3e285/bm-screenshot-2024-06-19-161722.png",{},{"type":580,"attrs":763,"content":764},{"textAlign":49},[765],{"text":766,"type":585},"“Whilst price volatility is a given in our supply chain, the degree of volatility and exaggerated volatility–driven by excess weight being given to sentiment–is a major hurdle for existing participants and for aspirants,” Daniel Fletcher-Manuel, director of prices and data at Benchmark, said. ",{"type":580,"attrs":768,"content":769},{"textAlign":49},[770],{"text":771,"type":585},"Anthony Tse, founder of NEO Capital, agreed, saying, “When it’s volatile, it leads to investors and financiers applying much more rigour in terms of their risk analysis.”",{"type":580,"attrs":773,"content":774},{"textAlign":49},[775],{"type":625,"attrs":776},{"id":49,"alt":627,"src":777,"title":49,"source":49,"copyright":49,"meta_data":778},"https://a.storyblok.com/f/287943243085208/80ab143c2d/bm-anthony.jpg",{},{"type":580,"attrs":780,"content":781},{"textAlign":49},[782],{"text":783,"type":585},"Anthony Tse and Bart Thanhauser give their views on a panel with Benchmark’s Adam Megginson at the World Lithium Congress",{"type":580,"attrs":785,"content":786},{"textAlign":49},[787],{"text":788,"type":585},"A potential approach that Western players could take to this price volatility is vertical integration. This would allow the volatility to be smoothed out as companies are able to better absorb price changes internally.",{"type":597,"attrs":790,"content":791},{"level":599,"textAlign":49},[792],{"text":793,"type":585},"4. ESG compliance is crucial but requires changes to markets",{"type":580,"attrs":795,"content":796},{"textAlign":49},[797,799,805],{"text":798,"type":585},"There is an emerging split in the lithium, and other critical mineral, markets between supply that has strong compliance with ",{"text":800,"type":585,"marks":801},"environmental, social and governance (ESG) standards",[802],{"type":590,"attrs":803},{"href":804,"uuid":49,"anchor":49,"target":49,"linktype":593},"https://source.benchmarkminerals.com/article/over-40-of-2024-lithium-feedstock-to-come-from-companies-with-industry-leading-scores-for-esg",{"text":806,"type":585}," and that which does not.",{"type":580,"attrs":808,"content":809},{"textAlign":49},[810],{"text":811,"type":585},"Generally, compliance results in higher costs, but the global markets are not set up to account for this.",{"type":580,"attrs":813,"content":814},{"textAlign":49},[815],{"text":816,"type":585},"“What we see with critical minerals markets at present is troubling for energy security and troubling for the green transition,” Hon Dr Kevin Rudd, Australia’s ambassador to the US, said.",{"type":580,"attrs":818,"content":819},{"textAlign":49},[820],{"type":625,"attrs":821},{"id":49,"alt":627,"src":822,"title":49,"source":49,"copyright":49,"meta_data":823},"https://a.storyblok.com/f/287943243085208/8e075a59a8/bm-rudd-and-daniel.jpg",{},{"type":580,"attrs":825,"content":826},{"textAlign":49},[827],{"text":828,"type":585},"Hon Dr Kevin Rudd speaks to Benchmark’s Daniel Fletcher-Manuel at the World Lithium Congress",{"type":580,"attrs":830,"content":831},{"textAlign":49},[832,834,840,842,848],{"text":833,"type":585},"Rudd proposes that ",{"text":835,"type":585,"marks":836},"ESG considerations",[837],{"type":590,"attrs":838},{"href":839,"uuid":49,"anchor":49,"target":49,"linktype":593},"https://source.benchmarkminerals.com/article/all-chilean-lithium-rated-to-worlds-most-rigorous-standard",{"text":841,"type":585}," should be built into ",{"text":843,"type":585,"marks":844},"international trading markets",[845],{"type":590,"attrs":846},{"href":847,"uuid":49,"anchor":49,"target":49,"linktype":593},"https://source.benchmarkminerals.com/video/watch/sustainable-lithium-prices-economics-and-availability",{"text":849,"type":585}," that account for better compliance with ESG standards.",{"type":580,"attrs":851,"content":852},{"textAlign":49},[853],{"text":854,"type":585},"“We need to reward sellers that invest in improving quality and sustainability of critical minerals,” he said.",{"type":580,"attrs":856,"content":857},{"textAlign":49},[858,860,866],{"text":859,"type":585},"The ",{"text":861,"type":585,"marks":862},"Inflation Reduction Act",[863],{"type":590,"attrs":864},{"href":865,"uuid":49,"anchor":49,"target":49,"linktype":593},"https://source.benchmarkminerals.com/article/the-inflation-reduction-act-has-created-a-race-to-the-top-qa-with-ruth-gratzke-of-siemens",{"text":867,"type":585}," (IRA) in the US naturally lends itself to requiring OEMs to source critical raw materials and components from suppliers with strong ESG credentials, as free trade agreement countries generally have higher ESG standards.",{"type":580,"attrs":869,"content":870},{"textAlign":49},[871],{"text":872,"type":585},"“What we do see happening is a real conflation of the IRA supply chain with those high ESG standards,” Fletcher-Manuel said. “It implies that you will be exposing your supply chains to more ESG friendly material.”","Benchmark hosted the first World Lithium Congress on the final day of its Giga USA 2024 conference in Washington DC. Here, Source outlines the key takeaways. 1. Lithium industry scaleup needed to meet battery demands All critical minerals in the battery supply chain require significant scale-up to meet the 8.4 terawatt-hours of battery demand forecasted […]",[875],{"slug":568,"name":569,"content":876},{"job_title":571,"image":877,"bio":574,"linkedin":575},{"filename":573},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"370d2f2e-70ff-4e1e-91a1-4bb2bb70dd26\", \"id\": \"\"}-->","article",[881,884,886],{"slug":882,"name":883},"critical-minerals","Critical Minerals",{"slug":885,"name":8},"lithium",{"slug":887,"name":888},"sustainability","Sustainability","private",{"id":49,"alt":627,"name":627,"focus":627,"title":627,"source":627,"filename":891,"copyright":627,"fieldtype":892,"meta_data":893,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/7fa97cfa59/bm-rudd-1-1319767b016d.jpg","asset",{"alt":627,"title":627,"source":627,"copyright":627},"Jun 21, 2024","21st June 2024",[],[],1792773900242]