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Visualisation",{"filename":566},"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":570,"content":571},"doc",[572,589,602,615,630,637,650,655,668,673,678,691,696,705,710,715,720,740,745,752,757,762,769,790,795,808],{"type":573,"attrs":574,"content":575},"paragraph",{"textAlign":49},[576,579,587],{"text":577,"type":578},"In 2024, the ","text",{"text":580,"type":578,"marks":581},"extended slump in lithium prices",[582],{"type":583,"attrs":584},"link",{"href":585,"uuid":49,"anchor":49,"target":49,"linktype":586},"https://source.benchmarkminerals.com/article/falling-lithium-prices-challenge-new-project-economics?_branch_match_id=1544393415584398250&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWjyi1cEnPDTfPD0iyrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAfZsMSkgAAAA%3D","url",{"text":588,"type":578}," on the back of lower than expected electric vehicle demand growth led to a raft of cutbacks at operations tasked with meeting lithium’s future expansion requirements.  ",{"type":573,"attrs":590,"content":591},{"textAlign":49},[592,594,600],{"text":593,"type":578},"This price environment, however, also primed the market for a series of ",{"text":595,"type":578,"marks":596},"mergers and acquisitions",[597],{"type":583,"attrs":598},{"href":599,"uuid":49,"anchor":49,"target":49,"linktype":586},"https://source.benchmarkminerals.com/article/will-rio-tintos-move-entice-other-mining-majors-into-lithium?_branch_match_id=1544393361521479788&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWTw4pL6t08jF180%2ByrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAnUwedUgAAAA%3D",{"text":601,"type":578}," signalling belief in the long-term trajectory of the market from energy and commodity majors. ",{"type":573,"attrs":603,"content":604},{"textAlign":49},[605,607,613],{"text":606,"type":578},"“Lithium prices fell by 28.4% in 2024 as the promise of demand diversification outside China faltered in the crosshairs of macroeconomic and ",{"text":608,"type":578,"marks":609},"geopolitical uncertainty",[610],{"type":583,"attrs":611},{"href":612,"uuid":49,"anchor":49,"target":49,"linktype":586},"https://source.benchmarkminerals.com/article/how-the-battery-industry-could-be-impacted-by-elections-this-year?_branch_match_id=1544393395146175434&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWt8g2T00KDLfID0iyrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAsSUu9kgAAAA%3D",{"text":614,"type":578},",” said Adam Megginson, a lithium price analyst at Benchmark.",{"type":573,"attrs":616,"content":617},{"textAlign":49},[618,626],{"text":619,"type":578,"marks":620},"Watch Benchmark analysts",[621,624],{"type":583,"attrs":622},{"href":623,"uuid":49,"anchor":49,"target":49,"linktype":586},"https://source.benchmarkminerals.com/video/watch/have-lithium-prices-reached-a-bottom",{"type":625},"italic",{"text":627,"type":578,"marks":628}," dissect the lithium price environment and forecast how it could develop in 2025.",[629],{"type":625},{"type":631,"attrs":632,"content":634},"heading",{"level":633,"textAlign":49},4,[635],{"text":636,"type":578},"How have supply and demand evolved over the course of 2024?",{"type":573,"attrs":638,"content":639},{"textAlign":49},[640,642,648],{"text":641,"type":578},"Although the longer term prospects for the lithium market are robust, industry growth potential in the medium term remains strongly tied to the EV market. This market suffered in 2024 from policy uncertainty, cost competitiveness from western OEMs, and a resurgence of interest in ",{"text":643,"type":578,"marks":644},"hybrid EVs",[645],{"type":583,"attrs":646},{"href":647,"uuid":49,"anchor":49,"target":49,"linktype":586},"https://source.benchmarkminerals.com/video/watch/whats-behind-the-rise-in-plug-in-hybrids",{"text":649,"type":578}," across certain markets.",{"type":631,"attrs":651,"content":652},{"level":633,"textAlign":49},[653],{"text":654,"type":578},"How far have lithium prices fallen in 2024?",{"type":573,"attrs":656,"content":657},{"textAlign":49},[658,660,666],{"text":659,"type":578},"After initially falling in the first few months of the year, there was a ",{"text":661,"type":578,"marks":662},"brief uptick in lithium prices in the summer",[663],{"type":583,"attrs":664},{"href":665,"uuid":49,"anchor":49,"target":49,"linktype":586},"https://www.benchmarkminerals.com/",{"text":667,"type":578}," due to a mid-year restocking cycle undertaken by cathode producers. Despite this, lithium prices resumed their downturn for the remainder of 2024, as supply expansions exceeded short term demand growth.",{"type":631,"attrs":669,"content":670},{"level":633,"textAlign":49},[671],{"text":672,"type":578},"How have lithium prices impacted lithium miners in 2024?",{"type":573,"attrs":674,"content":675},{"textAlign":49},[676],{"text":677,"type":578},"The pressure of falling lithium chemical prices ultimately got passed upstream to miners.",{"type":573,"attrs":679,"content":680},{"textAlign":49},[681,683,689],{"text":682,"type":578},"The first casualty of the squeeze was ",{"text":684,"type":578,"marks":685},"Core Lithium’s Finnis project",[686],{"type":583,"attrs":687},{"href":688,"uuid":49,"anchor":49,"target":49,"linktype":586},"https://source.benchmarkminerals.com/article/miners-under-pressure-as-spodumene-price-falls-below-1000-a-tonne?_branch_match_id=1544393403400251885&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWL4nINvdzdykr90%2ByrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAbSNOfUgAAAA%3D",{"text":690,"type":578}," which entered care and maintenance in January.",{"type":573,"attrs":692,"content":693},{"textAlign":49},[694],{"text":695,"type":578},"When prices resumed their downward turn after brief respite in early summer, a raft of closures followed in quick succession.",{"type":573,"attrs":697,"content":698},{"textAlign":49},[699],{"type":700,"attrs":701},"image",{"id":49,"alt":702,"src":703,"title":49,"source":49,"copyright":49,"meta_data":704},"","https://a.storyblok.com/f/287943243085208/e72977c967/bm-spod-price-mines-closed2x-3.png",{},{"type":573,"attrs":706,"content":707},{"textAlign":49},[708],{"text":709,"type":578},"“Spodumene producers battled against persistent supply of higher cost Chinese mica feedstock,” Megginson said. “Eventually, these higher cost concentrate suppliers succumbed to the constant drag on prices which had been exacerbated by the integrated producers among them being unwilling to halt production.”",{"type":573,"attrs":711,"content":712},{"textAlign":49},[713],{"text":714,"type":578},"In addition to closures, some producers scaled back production. However, these actions had limited impact on near term supply so had minimal impact on prices.",{"type":631,"attrs":716,"content":717},{"level":633,"textAlign":49},[718],{"text":719,"type":578},"Why has lithium seen so many mergers and acquisitions in 2024?",{"type":573,"attrs":721,"content":722},{"textAlign":49},[723,725,730,732,738],{"text":724,"type":578},"Although the low price environment is a struggle for miners, it also enabled an ",{"text":726,"type":578,"marks":727},"active mergers",[728],{"type":583,"attrs":729},{"href":665,"uuid":49,"anchor":49,"target":49,"linktype":586},{"text":731,"type":578}," and ",{"text":733,"type":578,"marks":734},"acquisitions market",[735],{"type":583,"attrs":736},{"href":737,"uuid":49,"anchor":49,"target":49,"linktype":586},"https://source.benchmarkminerals.com/article/rio-tinto-commits-to-buy-arcadium-lithium-for-6-7-billion?_branch_match_id=1544393375195271303&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWNwvO9ozwyDd180%2ByrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAoy%2FCBEgAAAA%3D",{"text":739,"type":578},", with more capitalised companies looking to shore up their lithium offerings with counter-cyclical deals.",{"type":573,"attrs":741,"content":742},{"textAlign":49},[743],{"text":744,"type":578},"“While the market remains in a downswing, companies with stronger balance sheets will continue to look at snapping up competitors at attractively low valuations,” Megginson said.",{"type":573,"attrs":746,"content":747},{"textAlign":49},[748],{"type":700,"attrs":749},{"id":49,"alt":702,"src":750,"title":49,"source":49,"copyright":49,"meta_data":751},"https://a.storyblok.com/f/287943243085208/f120dd077f/bm-2024-lithium-ma2x-6.png",{},{"type":631,"attrs":753,"content":754},{"level":633,"textAlign":49},[755],{"text":756,"type":578},"What does 2025 have in store for lithium?",{"type":573,"attrs":758,"content":759},{"textAlign":49},[760],{"text":761,"type":578},"“Even with the recently announced curtailments and production guidance cuts, we expect the market to remain marginally oversupplied in 2025, with the surplus representing less than 1% of demand,” said Federico Gay, principal lithium analyst at Benchmark.",{"type":573,"attrs":763,"content":764},{"textAlign":49},[765],{"type":700,"attrs":766},{"id":49,"alt":702,"src":767,"title":49,"source":49,"copyright":49,"meta_data":768},"https://a.storyblok.com/f/287943243085208/04b6ef7ce4/bm-li-market-balance-2023-20252x.png",{},{"type":573,"attrs":770,"content":771},{"textAlign":49},[772,774,780,782,788],{"text":773,"type":578},"On the supply side, Benchmark expects ",{"text":775,"type":578,"marks":776},"direct lithium extraction",[777],{"type":583,"attrs":778},{"href":779,"uuid":49,"anchor":49,"target":49,"linktype":586},"https://source.benchmarkminerals.com/downloads/special-issues/1320373",{"text":781,"type":578}," (DLE) technology to continue to ",{"text":783,"type":578,"marks":784},"make progress in 2025",[785],{"type":583,"attrs":786},{"href":787,"uuid":49,"anchor":49,"target":49,"linktype":586},"https://source.benchmarkminerals.com/article/rise-of-dle-will-open-up-new-sources-of-lithium-supply-this-decade?_branch_match_id=1544393380998957069&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWNykrjsiLDEr38k%2ByrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUARthgR0gAAAA%3D",{"text":789,"type":578},". Several brine project developers are investing in it to unlock new supplies with more attractive cost structures.",{"type":573,"attrs":791,"content":792},{"textAlign":49},[793],{"text":794,"type":578},"Although some prices began to tick upwards towards the end of 2024, lithium carbonate prices in China remain on a downward trajectory. As such, 2025 may well see lithium producers continue to feel the squeeze.",{"type":573,"attrs":796,"content":797},{"textAlign":49},[798,800,806],{"text":799,"type":578},"Geopolitics are likely to come to the fore in 2025 as the markets adapt to ",{"text":801,"type":578,"marks":802},"new global leaders",[803],{"type":583,"attrs":804},{"href":805,"uuid":49,"anchor":49,"target":49,"linktype":586},"https://source.benchmarkminerals.com/article/donald-trump-wins-us-election-bringing-future-of-ira-into-question?_branch_match_id=1544393389313197873&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWrwgPCs9ILDUv9E%2ByrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAq3AqFEgAAAA%3D",{"text":807,"type":578}," following 2024’s bumper year of elections.",{"type":573,"attrs":809,"content":810},{"textAlign":49},[811],{"text":812,"type":578},"“Policy change is top of mind as participants prepare for the new year—especially for those that trade with the USA and Europe,” Megginson said. “They have shared concerns regarding what form promised tariffs will take and how the market could be reshaped as a result.”","In 2024, the extended slump in lithium prices on the back of lower than expected electric vehicle demand growth led to a raft of cutbacks at operations tasked with meeting lithium’s future expansion requirements. This price environment, however, also primed the market for a series of mergers and acquisitions signalling belief in the long-term trajectory […]",[815],{"slug":561,"name":562,"content":816},{"job_title":564,"image":817,"bio":567,"linkedin":568},{"filename":566},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"a6321161-f690-4c2d-b373-ac6365b9838c\", \"id\": \"\"}-->","article",[821,824],{"slug":822,"name":823},"critical-minerals","Critical Minerals",{"slug":825,"name":8},"lithium","private",{"id":49,"alt":702,"name":702,"focus":702,"title":702,"source":702,"filename":703,"copyright":702,"fieldtype":828,"meta_data":829,"is_external_url":51},"asset",{"alt":702,"title":702,"source":702,"copyright":702},{"id":49,"alt":702,"name":702,"focus":702,"title":702,"source":702,"filename":831,"copyright":702,"fieldtype":828,"meta_data":832,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/feb7393e0c/bm-website-231108-bald-hill-dji-0275.jpg",{"alt":702,"title":702,"source":702,"copyright":702},"Dec 17, 2024","17th December 2024",[],[],1784294241449]