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land of lithium","the-land-of-lithium","article/the-land-of-lithium",{"_uid":557,"date":558,"tags":559,"editor":560,"content":570,"excerpt":874,"featured":50,"reporter":875,"_editable":879,"component":880,"seo_title":553,"categories":881,"visibility":890,"author_company":49,"featured_image":891,"seo_description":874,"author_full_name":49,"author_job_title":49,"formattedDate":897,"formattedArticleDate":898},"6227d59d-a567-4af2-8c70-0d5b9456da30","2018-02-25 00:00",[],[561],{"slug":562,"name":563,"content":564},"matthew-bird","Matthew Bird",{"job_title":565,"image":566,"bio":568,"linkedin":569},"Senior Editor - Supply Chains & Data Visualisation",{"filename":567},"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":571,"content":572},"doc",[573,584,589,594,603,608,613,616,621,626,631,636,641,646,651,656,661,666,671,676,683,688,693,698,703,708,711,716,721,726,731,736,741,746,751,756,761,766,771,776,781,786,791,796,801,804,809,814,819,824,829,834,839,844,849,854,859,864,869],{"type":574,"attrs":575,"content":576},"paragraph",{"textAlign":49},[577,580,582],{"text":578,"type":579},"Western Australia has been the global epicentre for the lithium gold rush over the past 3 years. But what is today’s state of play? ","text",{"text":581,"type":579},"Paul Harris ",{"text":583,"type":579},"explores",{"type":574,"attrs":585,"content":586},{"textAlign":49},[587],{"text":588,"type":579},"Western Australia has become a Shangri-la for lithium investors from the combination of significant, untapped mineral resources, a low-risk, stable and mining-friendly jurisdiction and a battery supply chain clamouring for raw material.",{"type":574,"attrs":590,"content":591},{"textAlign":49},[592],{"text":593,"type":579},"Perhaps more importantly, the battery supply chain sees Australia’s hard rock companies as being able to deliver new supply in a much shorter time window than South America’s brine companies. Deutsche Bank says that incremental supply from new Western Australian projects such as Mt Marion and Mt Cattlin will lift global production by 30% in 2017.",{"type":574,"attrs":595,"content":596},{"textAlign":49},[597,599,601],{"text":598,"type":579},"Those factors will see Australia comfortably move into top spot as the world’s leading lithium producer over the next decade. It was the second largest producer in 2016 accounting for 36% of the 180,000t LCE (lithium carbonate equivalent) world supply, behind Chile at 41% and well ahead of third-placed Argentina at 15%, according to ",{"text":600,"type":579},"Benchmark Minerals. ",{"text":602,"type":579},"Looking ahead to 2025, Deutsche Bank forecasts Australia providing 39% of world production, Argentina moving up to second at 29% and Chile sliding to third at 21%.",{"type":574,"attrs":604,"content":605},{"textAlign":49},[606],{"text":607,"type":579},"As well as a geographical shift, hard rock lithium sources—such as the 6% spodumene concentrate produced in Australia—will become a more important contributor towards lithium supply despite brine sources being at the lower end of the cost curve.",{"type":574,"attrs":609,"content":610},{"textAlign":49},[611],{"text":612,"type":579},"Australia’s lithium resources are in Western Australia—its main mining state—yet curiously they are spread throughout that vast geography, from Greenbushes near the southwest coast, Mt Cattlin near the southern coast, Mt Marion in-land to the north of Mt Cattlin and Pilgangoora near the north coast.",{"type":574,"attrs":614,"content":615},{"textAlign":49},[],{"type":574,"attrs":617,"content":618},{"textAlign":49},[619],{"text":620,"type":579},"Australia’s spodumene mines produce an intermediate product—typically a 6% spodumene concentrate—which is exported to Asian convertors/processors to turn into the lithium carbonate or lithium hydroxide that is sold to battery manufacturers. Australia’s mines enjoy a robust competitive position because they are long-life deposits that offer supply consistency and more agile response to changes in demand than traditional brine producers.",{"type":574,"attrs":622,"content":623},{"textAlign":49},[624],{"text":625,"type":579},"For Ken Brinsden, MD and CEO of Pilbara Minerals, behind the investment wave into Australia is the reality that, “the lithium supply chain is growing very quickly and there is a lot of pressure for it to expand significantly. Australian projects have natural competitive advantages as they are located near ports, have scale and good grade with spodumene mines that recover well.”",{"type":574,"attrs":627,"content":628},{"textAlign":49},[629],{"text":630,"type":579},"For Chris Allen of NeoMetals, “hard rock is easier to do than brine as we mine a mineral bed and then concentrate it. There is a time lag to get brine projects to steady state production and you have to plough money in for a considerable amount of time to do so, which is why the operators are typically diversified multi-billion dollar chemical companies.”",{"type":574,"attrs":632,"content":633},{"textAlign":49},[634],{"text":635,"type":579},"The flow of investment is noteworthy as it is from the wider lithium industry rather than financial institutions. Even the Australian government is investing as it embraces clean energy. Importantly, the miners think investment will continue, as they believe future lithium demand is underestimated.",{"type":574,"attrs":637,"content":638},{"textAlign":49},[639],{"text":640,"type":579},"“The confidence in the lithium sector is not driven by sentiment but from demand pull driven by hard-nosed economics. There is a revolution building regarding battery power that means you have to have lithium. To fill the battery plants the lithium industry has to produce three or four times what it does now and so the battery industry is much more comfortable investing upstream.”",{"type":574,"attrs":642,"content":643},{"textAlign":49},[644],{"text":645,"type":579},"Brinsden agrees. “Investment into Western Australia will continue as we see significant demand from China and almost all sectors of the lithium ion supply chain. There is room in the market for more projects or expansions.”",{"type":574,"attrs":647,"content":648},{"textAlign":49},[649],{"text":650,"type":579},"Asian companies in the battery supply chain have made significant investments in Australia’s lithium sector, but they are not having things all their own way. Sociedad Química y Minera de Chile (SQM) has invested in geographical expansion via Minera Exar, a JV with Lithium Americas that is developing Cauchari-Olaroz, Argentina’s next lithium brine producer.",{"type":574,"attrs":652,"content":653},{"textAlign":49},[654],{"text":655,"type":579},"It is also making the leap over the Pacific Ocean into Australia’s spodumene by investing US$110m in Kidman Resources to diversify into hardrock. If the deal, announced in July, completes, the companies will establish a 50-50 JV to build a spodumene operation at Kidman’s Earl Grey lithium deposit, part of its Mt Holland gold project, near Southern Cross, between Mt Marion and Mt Cattlin.",{"type":574,"attrs":657,"content":658},{"textAlign":49},[659],{"text":660,"type":579},"What is notable here is the speed at which SQM moved on Mt Holland, with an agreement coming days after Kidman won a judgment that awarded it clear title to the lithium discovery following legal action with Marindi Metals. SQM sees long life, scale and exploration potential at Earl Grey, which has a resource of 128Mt at 1.44% Li2O for 4.54Mt LCE.",{"type":574,"attrs":662,"content":663},{"textAlign":49},[664],{"text":665,"type":579},"Drilling continues to upgrade the resource as Kidman works towards completing a feasibility study in the third quarter with a view to develop a 1.5-2Mtpa operation to produce 220,000-300,000tpa of 6% spodumene, that would go to a refinery that SQM would build in WA to produce 44,000tpa of lithium hydroxide.",{"type":574,"attrs":667,"content":668},{"textAlign":49},[669],{"text":670,"type":579},"A project that already has a prefeasibility study is Bald Hill (Tawana Resources/Alliance Mineral Assets), whose July 2017 report confirmed the technical and financial viability of a 1.2Mtpa lithium dense media separation circuit at the existing tantalum processing facility. With a capex of A$42 million the DMS circuit would produce 155,000tpa of spodumene concentrate and 260,000Ib per annum of tantalum pentoxide for four-years from the first quarter of 2018 from a starter pit reserve of 4.3Mt at 1.18% Li2O and 0.0208% Ta2O5. Exploration upside could see this extend towards the ten-year mark.",{"type":574,"attrs":672,"content":673},{"textAlign":49},[674],{"text":675,"type":579},"Finally, a quick mention for Mineral Resources’ Wodgina direct shipping operation in the Pilbara region that is due to start exporting spodumene in 2018 containing 1.64% lithium dioxide at up to 200,000 tpm. Ore mining began in February 2017 with its first shipment in April.",{"type":677,"attrs":678,"content":680},"heading",{"level":679,"textAlign":49},3,[681],{"text":682,"type":579},"Added value",{"type":574,"attrs":684,"content":685},{"textAlign":49},[686],{"text":687,"type":579},"Investment from downstream companies and strong lithium demand fundamentals is also prompting some companies of creating value-added products in Australia and converting spodumene concentrates into intermediary products such as lithium carbonate and lithium hydroxide onshore.",{"type":677,"attrs":689,"content":690},{"level":679,"textAlign":49},[691],{"text":692,"type":579},"Kwinana ",{"type":574,"attrs":694,"content":695},{"textAlign":49},[696],{"text":697,"type":579},"China’s Tianqi Lithium is at the forefront of this and is building a 24,000tpa lithium hydroxide processing facility in Kwinana due for completion in the fourth quarter of 2018. Kwinana will be supplied by about 161,000t of spodumene concentrate from Greenbushes, about 45% of current production.",{"type":574,"attrs":699,"content":700},{"textAlign":49},[701],{"text":702,"type":579},"With the A$400 million development underway, in June the company approved the pre-feasibility study and pre-investment for the A$317 million Kwinana second phase (LHPP2) that will double output to 48,000tpa. A feasibility study is expected in October with a final investment decision to follow.",{"type":574,"attrs":704,"content":705},{"textAlign":49},[706],{"text":707,"type":579},"Neometals also sees its future in value-added products and it is also looking at developing a lithium refinery in Australia to produce 14,000tpa of lithium hydroxide. Neometals owns 70% of the Eli Process (30% Mineral Resources) that it believes will provide a competitive alternative for Australia’s spodumene producers to shipping concentrate to offshore.",{"type":574,"attrs":709,"content":710},{"textAlign":49},[],{"type":574,"attrs":712,"content":713},{"textAlign":49},[714],{"text":715,"type":579},"Kidman too is looking at developing refining capacity at its Mt Holland project. As part of the investment agreement announced with SQM, the Chilean company will fund the design and studies for a conversion plant, that if built, will process Earl Grey concentrates with the final products to be marketed by SQM.",{"type":574,"attrs":717,"content":718},{"textAlign":49},[719],{"text":720,"type":579},"Altura Mining is also thinking of building a conversion plant. However, Brinsden thinks the development of domestic converting is not a slam-dunk. “It is not the easiest thing for a mining company to become a chemical company so having partners with technical expertise is important.",{"type":574,"attrs":722,"content":723},{"textAlign":49},[724],{"text":725,"type":579},"But even then, chemical converting has more characteristics that drive a decision than the location of the reserves. What materially drives the cost of LCE is the cost of energy, process water and reagents. Only certain locations attract low costs for these which is why chemical convertor facilities are aligned with other chemical facilities.”",{"type":677,"attrs":727,"content":728},{"level":679,"textAlign":49},[729],{"text":730,"type":579},"Current producers",{"type":574,"attrs":732,"content":733},{"textAlign":49},[734],{"text":735,"type":579},"Whilst Western Australia has significant spodumene production, it is concentrated in relatively few hands.",{"type":677,"attrs":737,"content":738},{"level":679,"textAlign":49},[739],{"text":740,"type":579},"Greenbushes ",{"type":574,"attrs":742,"content":743},{"textAlign":49},[744],{"text":745,"type":579},"Greenbushes 250km south of Perth is owned by Talison Lithium, a JV between China’s Tianqi Lithium (51%) and US chemical company Albemarle (49%). Tianqi acquired former owner Talison in 2013 and then sold 49% to Rockwood Holdings, which was subsequently acquired by Albemarle, which has a 50% interest in the offtake.",{"type":574,"attrs":747,"content":748},{"textAlign":49},[749],{"text":750,"type":579},"Greenbushes has been in operation for over 25 years and is the world’s largest lithium mine and largest known hard rock lithium reserve. In March, the company announced an expansion to more than double LCE capacity from 80,000tpa to more than 160,000tpa from the second quarter of 2019. This equates to about 1.34mtpa of spodumene concentrate, which provides feedstock for the Kwinana converter plant as well as two Tianqi convertor plants in China.",{"type":677,"attrs":752,"content":753},{"level":679,"textAlign":49},[754],{"text":755,"type":579},"Mt Cattlin ",{"type":574,"attrs":757,"content":758},{"textAlign":49},[759],{"text":760,"type":579},"Galaxy Resources successfully restarted operations at Mt Cattlin near Ravensthorpe after its mine went on care and maintenance in 2012 due to poor recoveries and a subdued lithium market. Plant commissioning was completed April 2017 and the operation is shipping product. It is expected to produce 160,000tpa Li2O spodumene concentrate, equivalent to13,000tpa LCE.",{"type":574,"attrs":762,"content":763},{"textAlign":49},[764],{"text":765,"type":579},"It produced 32,998t of 5.77% spodumene concentrate in the second quarter. Galaxy forward-sold 60,000t of lithium concentrate to two China-based buyers in 2016, which has now been fulfilled, and agreed to sell them an additional 120,000t of lithium concentrate in 2017.",{"type":574,"attrs":767,"content":768},{"textAlign":49},[769],{"text":770,"type":579},"With Mt Cattlin cash-flowing again, Galaxy announced a 32,100m drilling programme in May to improve confidence in the mine resource and grade, and increase the recoverable resource from 12Mt to 15Mt.",{"type":677,"attrs":772,"content":773},{"level":679,"textAlign":49},[774],{"text":775,"type":579},"Mt Marion ",{"type":574,"attrs":777,"content":778},{"textAlign":49},[779],{"text":780,"type":579},"Mt Marion, 40km southwest of Kalgoorlie, is a JV between Ganfeng (43%), Mineral Resources (43%) and Neometals (13.8%). It will produce 200,000tpa of 6% Li2O spodumene concentrate, equivalent to 27,000tpa LCE from a 2016 indicated resource of 28.9Mt at 1.35% Li2O and an inferred resource of 48.9Mt at 1.38% Li2O.",{"type":574,"attrs":782,"content":783},{"textAlign":49},[784],{"text":785,"type":579},"Ganfeng has a take-or-pay agreement to purchase 100% of spodumene production for the life of the mine at market prices on a CIF basis, subject to an agreed pricing floor. In 2020, after the first three years of production, Mineral Resources and Neometals can exercise options to collectively purchase up to 51% of the spodumene concentrate, with Ganfeng retaining offtake rights for the remaining 49%.",{"type":574,"attrs":787,"content":788},{"textAlign":49},[789],{"text":790,"type":579},"Neometals has changed the paradigm about how spodumene concentrate is priced. “We took the opportunity to change our pricing from that of a mineral product to a chemical product and so our pricing is now linked to the lithium carbonate import price into China,” he said.",{"type":574,"attrs":792,"content":793},{"textAlign":49},[794],{"text":795,"type":579},"The company also has the ability to produce 80,000tpa of 4% lithium concentrate (10,000tpa LCE) but is looking at ways to upgrade that to access better pricing. “We would like to improve the quality as it would have a significant impact on our bottom line.”",{"type":574,"attrs":797,"content":798},{"textAlign":49},[799],{"text":800,"type":579},"The evolution of the lithium market over the last year has also seen Neometals rethink its desire to sell its stake in Mt Marion. “We wanted to sell our participation in the mine and we priced it aggressively. But whilst we were trying to sell it we were able to finance the mine development and achieve an excellent offtake agreement and so we are now looking at keeping,” he said.",{"type":574,"attrs":802,"content":803},{"textAlign":49},[],{"type":677,"attrs":805,"content":806},{"level":679,"textAlign":49},[807],{"text":808,"type":579},"Pilgangoora",{"type":574,"attrs":810,"content":811},{"textAlign":49},[812],{"text":813,"type":579},"Pilbara Minerals’ Pilgangoora project 120km south of Port Hedland has attracted government financing. In June, the government’s Clean Energy Finance Corporation placed the lead US$15 million order in a US$100 million bond issue by Pilbara to finance Pilgangoora to support the development of a clean energy supply chain to enable Australia’s transition to a low carbon economy, according to CEFC CEO Ian Learmonth.",{"type":574,"attrs":815,"content":816},{"textAlign":49},[817],{"text":818,"type":579},"“The lithium concentrate supplies to be produced by this project will help build Australia’s capacity to supply much needed resources for the clean energy technologies that are set to play a vital role in increasing the use of renewables in our future energy mix,” he said.",{"type":574,"attrs":820,"content":821},{"textAlign":49},[822],{"text":823,"type":579},"Pilbara acquired its Pilgangoora property from Global Advanced Metals in July 2014 and subsequent drilling grew the resource base from 8.6Mt at 1.01% Li2O to 80Mt at 1.26% Li2O. A maiden reserve of 29.5Mt at 1.31% Li2O was reported along with a pre-feasibility study in March 2016 that was subsequently updated to 69.8Mt at 1.26% Li2O with a resource of 156Mt at 1.25% Li2O.",{"type":574,"attrs":825,"content":826},{"textAlign":49},[827],{"text":828,"type":579},"Mine construction commenced in December 2016 with concentrate production due from the first quarter of 2018 at a rate of 314,000tpa of 6% spodumene concentrate (44,000tpa LCE).",{"type":574,"attrs":830,"content":831},{"textAlign":49},[832],{"text":833,"type":579},"“We are well into construction and will start shipping from the second quarter 2018. We have 35 weeks of construction which is an aggressive schedule. This will start in March and we expect to be at full capacity by the end of 2018,” said Brinsden. Completion of this initial mine development will see Pilbara produce 2Mtpa of ore and 350,000t of spodumene concentrate for 36 years.",{"type":574,"attrs":835,"content":836},{"textAlign":49},[837],{"text":838,"type":579},"Pilbara has a ten-year offtake with Ganfeng for 160,000tpa of concentrate and a six-year agreement with General Lithium for 140,000tpa of concentrate. It will also produce some higher-grade material that will go elsewhere. “We are hoping to sell some higher grade 7% concentrate with ultra-low iron into the glass and ceramics market, where we should get a 20% price premium.",{"type":574,"attrs":840,"content":841},{"textAlign":49},[842],{"text":843,"type":579},"Few resources globally can achieve these specifications,” he said. Once the initial mine is in production the company will consider a 3Mtpy expansion to bring the total up to 5mtpy, well over 100,000t LCE. Ganfeng has already expressed interest in additional offtake for 75,000tpa to 150,000tpa of the stage two production for a A$65 million cash pre-payment or debt finance facility to fund 50% of the expansion costs.",{"type":574,"attrs":845,"content":846},{"textAlign":49},[847],{"text":848,"type":579},"“We are looking to build that out in 2019 and deliver the off take into the market in 2020. We think demand is being underestimated so this expansion would make sense due to the combination of demand from the market to participate in the off take and the sheer scale of the Pilgangora resource,” he said.",{"type":574,"attrs":850,"content":851},{"textAlign":49},[852],{"text":853,"type":579},"The expansion would also decrease cash costs 10% from about US$207/t to $187/t. The stage I mine development was designed with an eye on a future expansion and Pilbara hopes that by the time it is commissioning stage in March 2018, the feasibility study for phase II will be complete and allow the board to make a decision on it.",{"type":677,"attrs":855,"content":856},{"level":679,"textAlign":49},[857],{"text":858,"type":579},"Pilgangoora 2",{"type":574,"attrs":860,"content":861},{"textAlign":49},[862],{"text":863,"type":579},"Altura Mining is developing Pilgangoora 120km south of Port Hedland that will have a mine life of 13 years at a mining rate of 1.4Mtpa. The average output is estimated at 220,000tpa of 6% Li2O spodumene concentrate (32,000tpa LCE) with initial capex estimated at A$139.7 million and a cash cost of A$316/t FOB. Pilgangoora has a 2017 resource of 40.3Mt at 1.00% Li2O for 403,000t of contained Li2O and reserves of 30.1Mt @ 1.04% Li2O for 313,000t of contained Li2O.",{"type":574,"attrs":865,"content":866},{"textAlign":49},[867],{"text":868,"type":579},"Following completion of a feasibility study in September 2016, bulk earthworks for construction commenced in March 2017 with production due to commence by year end and first spodumene concentrate sales planned for the first quarter 2018.",{"type":574,"attrs":870,"content":871},{"textAlign":49},[872],{"text":873,"type":579},"Altura has an initial five-year offtake agreement with Chinese processor Lionergy for a minimum of 100,000tpa of concentrate. The company’s largest shareholder is Chinese battery producer Shaanxi J&R Optimum Energy.","Western Australia has been the global epicentre for the lithium gold rush over the past 3 years. But what is today’s state of play? Paul Harris explores Western Australia has become a Shangri-la for lithium investors from the combination of significant, untapped mineral resources, a low-risk, stable and mining-friendly jurisdiction and a battery supply chain […]",[876],{"slug":562,"name":563,"content":877},{"job_title":565,"image":878,"bio":568,"linkedin":569},{"filename":567},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"6227d59d-a567-4af2-8c70-0d5b9456da30\", \"id\": \"\"}-->","article",[882,885,888],{"slug":883,"name":884},"batteries","Batteries",{"slug":886,"name":887},"critical-minerals","Critical Minerals",{"slug":889,"name":8},"lithium","private",{"id":49,"alt":892,"name":893,"focus":893,"title":892,"source":893,"filename":894,"copyright":893,"fieldtype":895,"meta_data":896,"is_external_url":51},"Benchmark Minerals visiting a spodumene (lithium feedstock miner) in Western Australia","","https://a.storyblok.com/f/287943243085208/a21ff52f06/bm-img-8708.jpg","asset",{"alt":892,"title":892,"source":893,"copyright":893},"Feb 25, 2018","25th February 2018",[],[],1792688598635]