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within the Lithium Triangle","from-within-the-lithium-triangle","article/from-within-the-lithium-triangle",{"_uid":557,"date":558,"tags":559,"editor":560,"content":570,"excerpt":825,"featured":50,"reporter":826,"_editable":830,"component":831,"seo_title":553,"categories":832,"visibility":841,"author_company":49,"featured_image":842,"seo_description":825,"author_full_name":49,"author_job_title":49,"formattedDate":846,"formattedArticleDate":847},"7d08c43c-7c62-414c-a3f6-f1127a857cbb","2018-10-17 00:00",[],[561],{"slug":562,"name":563,"content":564},"didi-bostock","Didi Bostock",{"job_title":565,"image":566,"bio":568,"linkedin":569},"Editor - Energy Transition & Economics",{"filename":567},"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":571,"content":572},"doc",[573,581,587,594,601,606,613,618,623,630,635,640,645,650,655,661,668,673,678,683,692,697,705,710,715,720,725,731,736,741,746,751,756,761,768,774,779,786,792,797,802,809,815,820],{"type":574,"attrs":575,"content":577},"heading",{"level":576,"textAlign":49},3,[578],{"text":579,"type":580},"News from South America’s lithium triangle has been dominated by the big players in the last quarter. But Steve Promnitz, Managing Director, Lake Resources is confident in the company’s position in the Argentine north-west, famously known as the Lithium Triangle, as the Australian lithium developer ramps up its activity and searches for a downstream partner.","text",{"type":582,"attrs":583,"content":584},"paragraph",{"textAlign":49},[585],{"text":586,"type":580},"Benchmark Mineral Intelligence: You have a number of lithium projects in Argentina. Could you detail what they are and how they differ?",{"type":582,"attrs":588,"content":589},{"textAlign":49},[590,592],{"text":591,"type":580},"Steve Promnitz: ",{"text":593,"type":580},"We have four projects – three lithium brine projects; 1 hard rock (pegmatite) project among the majors – in production and development. Our Kachi lithium brine project is a large discovery of 54,000 hectares, which is one of our flagship operations.",{"type":582,"attrs":595,"content":596},{"textAlign":49},[597,599],{"text":598,"type":580},"There is development optionality as we own almost the entire basin, which is 22km by 8km, with brines from the surface to approximately 400 metres to 600 metres in depth. The brine’s chemistry is clean. We will outline various options for development in the prefeasibility",{"text":600,"type":580},"study, which will begin after the initial resource is released in late October. The project is one of the last wholly owned lithium brine lakes available for partnership and is 80km south of FMC’s producing mine which has 20 years of production.",{"type":582,"attrs":602,"content":603},{"textAlign":49},[604],{"text":605,"type":580},"We will utilise a new direct extraction method in partnership with Lilac Solutions. This method promises a reduction in time to production along with lower operating costs when comparted with conventional methods.",{"type":582,"attrs":607,"content":608},{"textAlign":49},[609,611],{"text":610,"type":580},"Our other flagship project is the Cauchari – Olaroz brine operation. It adjoins SQM-Ganfeng Lithium and Lithium Americas developments and Orocobre’s production. There are 18,000 hectares of extensions for",{"text":612,"type":580},"major lithium brine resources. The leases were pegged two and a half years ago, drill access has now been granted and drilling will start in early October.",{"type":582,"attrs":614,"content":615},{"textAlign":49},[616],{"text":617,"type":580},"The Kachi project has appealed to downstream battery producers and cathode producers because it has size, scale optionality and Lake Resources is the only company in the basin. Cauchari – Olaroz appeals to the market because it sits next to current production and 450 metres from where Ganfeng paid US$237 million for 37% of Cauchari.",{"type":582,"attrs":619,"content":620},{"textAlign":49},[621],{"text":622,"type":580},"Benchmark: Much of the focus has been on your brine projects but you also have a pegmatite deposit. Can you update us on the state of play?",{"type":582,"attrs":624,"content":625},{"textAlign":49},[626,628],{"text":627,"type":580},"SP: ",{"text":629,"type":580},"The lithium pegmatite project covers a large area of 70,000 hectares in a newly recognised 150km long belt of pegmatites with past small-scale lithium mining history.",{"type":582,"attrs":631,"content":632},{"textAlign":49},[633],{"text":634,"type":580},"Our view is that the belt has not undergone modern exploration for large deposits. We are targeting spodumene in large pegmatite swarms.",{"type":582,"attrs":636,"content":637},{"textAlign":49},[638],{"text":639,"type":580},"In September 2018, Lake Resources acquired Petra Energy SA for 20 million LKE shares, which was a 50% escrow deal.",{"type":582,"attrs":641,"content":642},{"textAlign":49},[643],{"text":644,"type":580},"Recent field work created new exploration models with potential for the belt to host large-scale deposits.",{"type":582,"attrs":646,"content":647},{"textAlign":49},[648],{"text":649,"type":580},"We are undertaking field based XRF analysis to vector in on potential new targets, the results of which will define drill locations. We are also in discussions with third parties for partnership deals.",{"type":582,"attrs":651,"content":652},{"textAlign":49},[653],{"text":654,"type":580},"Benchmark: You have used the term ‘prime location’ regularly when describing your deposits. Can you explain what you mean by this and what it means to the lithium industry?",{"type":582,"attrs":656,"content":657},{"textAlign":49},[658,659],{"text":627,"type":580},{"text":660,"type":580},"Prime location means being in the best and most sought-after areas for lithium production globally. We believe these are the best locations because once producing they have proven to be the lowest cost lithium producers with low long-term operating costs",{"type":582,"attrs":662,"content":663},{"textAlign":49},[664,666],{"text":665,"type":580},"Prime locations are sought after by the large producers and downstream end-users as they provide long-term, low-cost reliable supply for the battery makers. This theme was reinforced recently in 2018. The equity market for lithium",{"text":667,"type":580},"stocks was softer, yet corporate transactions increased as the large players secured the best projects in the best locations",{"type":582,"attrs":669,"content":670},{"textAlign":49},[671],{"text":672,"type":580},"For example, at Cauchari, Gangfeng Lithium paid US$237M for 37% equity in the Lithium Americas Cauchari project in August 2018 by acquiring SQM’s stake. This is 450 metres from our leases at Cauchari and the transaction represents 10 times LKE’s market value.",{"type":582,"attrs":674,"content":675},{"textAlign":49},[676],{"text":677,"type":580},"For example, POSCO paid US$280M in June 2018 for the northern resource held by Galaxy, which is near FMC’s production and about 100km north of Kachi.",{"type":582,"attrs":679,"content":680},{"textAlign":49},[681],{"text":682,"type":580},"Benchmark: You pegged your lithium leases in early 2016 but have only risen to prominence in 2018. Can you explain this time lag?",{"type":582,"attrs":684,"content":685},{"textAlign":49},[686],{"type":687,"attrs":688},"image",{"id":49,"alt":689,"src":690,"title":49,"source":49,"copyright":49,"meta_data":691},"","https://a.storyblok.com/f/287943243085208/ebcfc867b4/bm-20170519-114055-2.jpg",{},{"type":582,"attrs":693,"content":694},{"textAlign":49},[695],{"text":696,"type":580},"Steve Promnitz, Managing Director, Lake Resources",{"type":582,"attrs":698,"content":699},{"textAlign":49},[700,701,703],{"text":627,"type":580},{"text":702,"type":580},"Lake’s subsidiary pegged open ground in early 2016 after a detailed technical review of all of Northwest Argentina. The aim was to locate at least one entire basin that was not drilled or developed in the last boom of 2006-2008 – which produced Kachi – and to locate a",{"text":704,"type":580},"significant block of prime leases in a basin that was producing – and that was Cauchari-Olaroz. The other aim was to own projects 100% and produce new exploration models.",{"type":582,"attrs":706,"content":707},{"textAlign":49},[708],{"text":709,"type":580},"An exploration play takes longer to reach key milestones than buying into a known project.",{"type":582,"attrs":711,"content":712},{"textAlign":49},[713],{"text":714,"type":580},"Argentina’s bureaucratic but careful approach to ensuring all approvals are in place is something familiar in leading resource nations, but is always slower than a share market which wants everything immediately. Further, the company decided to wait until tangible milestones could be met – such as starting drilling and defining resources – before marketing globally.",{"type":582,"attrs":716,"content":717},{"textAlign":49},[718],{"text":719,"type":580},"The benefits of being quiet until now is that our neighbours have defined world class lithium resources and signed transactions worth hundreds of millions of dollars, which improves the likelihood of a number of successes for Lake – rather than being a one trick pony. We now hold some of the most sought-after lithium leases – but the benefit being that they are owned 100% by Lake.",{"type":582,"attrs":721,"content":722},{"textAlign":49},[723],{"text":724,"type":580},"Benchmark: What are your medium-to-long-term plans for your deposits? Which chemistry will you be targeting? From a business perspective do you see doing this by yourself or partnering with other companies from the supply chain?",{"type":582,"attrs":726,"content":727},{"textAlign":49},[728,729],{"text":627,"type":580},{"text":730,"type":580},"Our long-term plans are to find a strategic downstream partner for each project.",{"type":582,"attrs":732,"content":733},{"textAlign":49},[734],{"text":735,"type":580},"That partner could be a lithium battery producer, cathode producer or a key participant in the lithium supply chain. Our view is that the reason Orocobre are producing, being the only survivor from the last boom in 2006-08, is that they had the right asset and the right downstream partners. But we have four projects – not just one.",{"type":582,"attrs":737,"content":738},{"textAlign":49},[739],{"text":740,"type":580},"At Kachi, the plan is to develop the lithium brine using both conventional evaporation ponds and a new direct extraction technique, together with the possibility of producing a lithium brine concentrate. This gives us three different revenue streams.",{"type":582,"attrs":742,"content":743},{"textAlign":49},[744],{"text":745,"type":580},"This will provide optionality without committing to one method. The new low-cost direct extraction technique promises a significantly reduced lead time to production, with increased recoveries to 95%, from 40-50%, and a smaller environmental footprint.",{"type":582,"attrs":747,"content":748},{"textAlign":49},[749],{"text":750,"type":580},"Lilac Solutions was selected to provide extraction services after an extensive review. They use an innovative approach compared with the popular ion exchange method widely used in industry. This offers the opportunity to produce a very clean product which is demanded by battery makers and to produce lithium hydroxide and also lithium chloride, the precursor for lithium metal, sought after in the burgeoning solid-state lithium battery market",{"type":582,"attrs":752,"content":753},{"textAlign":49},[754],{"text":755,"type":580},"At Cauchari – Olaroz, the lease holding favours a stand-alone development, but could be developed in conjunction with neighbouring facilities to produce either lithium carbonate or lithium hydroxide, together with a lithium brine concentrate.",{"type":582,"attrs":757,"content":758},{"textAlign":49},[759],{"text":760,"type":580},"The Catamarca Pegmatite hard rock project, albeit early stage, has the opportunity to be ramped in staged supply fairly quickly with the right results as the pegmatites outcrop over a long distance in a supportive province.",{"type":582,"attrs":762,"content":763},{"textAlign":49},[764,766],{"text":765,"type":580},"Benchmark: The Argentinian economy has received considerable attention this year. How does the current situation affect",{"text":767,"type":580},"Lake Resources and the wider Argentinian lithium market? Has anything fundamentally changed?",{"type":582,"attrs":769,"content":770},{"textAlign":49},[771,772],{"text":627,"type":580},{"text":773,"type":580},"Our view is that Argentina is in a period of adjustment which spells opportunity. The country wants foreign investment. Argentina has had a conservative Macri government since December 2015 with supportive federal and provincial governments in Catamarca and Jujuy. The recent peso devaluation improves short-term returns. The new export taxes are temporary measures and don’t affect Lake and are clearly better than the royalties imposed last year in Chile",{"type":582,"attrs":775,"content":776},{"textAlign":49},[777],{"text":778,"type":580},"The IMF is being supportive and recently a facility was provided to stabilise the economy. It should be remembered that the G20 will be held in late 2018 in Argentina. Our view based on recent discussions is that the lithium sector in Argentina is ‘business as usual’. Argentina has the fastest growth in new potential brine supply and brines are always at the lowest part of cost curve.",{"type":582,"attrs":780,"content":781},{"textAlign":49},[782,784],{"text":783,"type":580},"Benchmark: It’s been a turbulent few months for lithium. Lithium carbonate prices have been hit hard in China, yet long-term supply agreements have continued to develop (LG Chem and Ganfeng for example). What’s your",{"text":785,"type":580},"opinion on the global lithium market at the moment?",{"type":582,"attrs":787,"content":788},{"textAlign":49},[789,790],{"text":627,"type":580},{"text":791,"type":580},"Our view is that in Argentina the demand is increasing at a rate ahead of potential supply. There were supply deals signed last year which have meant that the downstream end has expected some margin contraction affecting prices short term. But the demand for long-term contracts seem strong, evidenced by SQM’s contract pricing rising year-on-year.",{"type":582,"attrs":793,"content":794},{"textAlign":49},[795],{"text":796,"type":580},"The medium-term is looking very strong. Based on conversations with Chinese, Japanese and Korean participants in the supply chain, there would appear to be a major supply shortfall in 3 to 5 years’ time. That is the window that Lake is targeting. Recent softness in the lithium market has made the potential for the supply side to react in a reasonable time line more difficult.",{"type":582,"attrs":798,"content":799},{"textAlign":49},[800],{"text":801,"type":580},"At Lake, we are amazed that the market seems to have overlooked a major demand centre in India. They make leading car brands and are converting bikes and rickshaws to electric as part of Modhi’s drive to renewable energy.",{"type":582,"attrs":803,"content":804},{"textAlign":49},[805,807],{"text":806,"type":580},"Benchmark: You joined Benchmark on its 2018 World tour and visited the US, Asia and Australia. Did the opinions of investors and the industry differ between locations and",{"text":808,"type":580},"what were your takeaways regarding global sentiment?",{"type":582,"attrs":810,"content":811},{"textAlign":49},[812,813],{"text":627,"type":580},{"text":814,"type":580},"Despite the availability of information, the wider investor market is still concerned about potential oversupply and declining pricing – particularly in Australia, Hong Kong and North America. Certainly lithium carbonate prices have come off their highs, while hydroxide prices are fairly stable. But the argument for oversupply is poorly supported and recent softness in the lithium market has made the potential for the supply side to react in a reasonable time line more difficult.",{"type":582,"attrs":816,"content":817},{"textAlign":49},[818],{"text":819,"type":580},"Korea, Japan and China are always favourably predisposed to new technology and long-term strategy in the industry. Vertical integration continues in China. The Japanese are keen on lithium brines in the medium-term and on new extraction techniques.",{"type":582,"attrs":821,"content":822},{"textAlign":49},[823],{"text":824,"type":580},"Recent transactions involving LG Chem and Ganfeng are waking up the broader investment market to the ‘next wave’ in value opportunities in the sector with the market ‘oversold’. Our view is that the Gangfeng, Tianqi and FMC Lithium – or Livent – initial public offerings will attract interest from the larger investment community and allow the space to be reassessed with a broad revaluation to the upside.","News from South America’s lithium triangle has been dominated by the big players in the last quarter. But Steve Promnitz, Managing Director, Lake Resources is confident in the company’s position in the Argentine north-west, famously known as the Lithium Triangle, as the Australian lithium developer ramps up its activity and searches for a downstream partner. […]",[827],{"slug":562,"name":563,"content":828},{"job_title":565,"image":829,"bio":568,"linkedin":569},{"filename":567},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"7d08c43c-7c62-414c-a3f6-f1127a857cbb\", \"id\": \"\"}-->","article",[833,836,839],{"slug":834,"name":835},"batteries","Batteries",{"slug":837,"name":838},"critical-minerals","Critical Minerals",{"slug":840,"name":8},"lithium","private",{"id":49,"alt":689,"name":689,"focus":689,"title":689,"source":689,"filename":843,"copyright":689,"fieldtype":844,"meta_data":845,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/6c7063fab1/bm-20180213-194416-1.jpg","asset",{"alt":689,"title":689,"source":689,"copyright":689},"Oct 17, 2018","17th October 2018",[],[],1789982601874]