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safeguards long term lithium supply with multi-billion dollar Lithium Americas loan","us-safeguards-long-term-lithium-supply-with-multi-billion-dollar-lithium-americas-loan","article/us-safeguards-long-term-lithium-supply-with-multi-billion-dollar-lithium-americas-loan",{"_uid":557,"date":558,"tags":559,"editor":572,"content":582,"excerpt":684,"featured":51,"reporter":685,"_editable":689,"component":690,"seo_title":553,"categories":691,"visibility":700,"author_company":49,"featured_image":701,"seo_description":684,"author_full_name":49,"author_job_title":49,"formattedDate":706,"formattedArticleDate":707},"dbd82e05-b4fd-4af7-969d-8a43d5714f03","2024-03-22 00:00",[560,563,566,569],{"slug":561,"name":562},"inflation-reduction-act","Inflation Reduction Act",{"slug":564,"name":565},"lithium-americas","Lithium Americas",{"slug":567,"name":568},"usa","USA",{"slug":570,"name":571},"policy","Policy",[573],{"slug":574,"name":575,"content":576},"didi-bostock","Didi Bostock",{"job_title":577,"image":578,"bio":580,"linkedin":581},"Editor - Energy Transition & Economics",{"filename":579},"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":583,"content":584},"doc",[585,592,613,620,625,630,641,646,651,656,661,671,674,679],{"type":586,"attrs":587,"content":588},"paragraph",{"textAlign":49},[589],{"text":590,"type":591},"The US government has committed to supporting its domestic lithium industry after earmarking $2.26 billion of federal funds to advance the country’s largest lithium mining project.","text",{"type":586,"attrs":593,"content":594},{"textAlign":49},[595,603,605,611],{"text":596,"type":591,"marks":597},"With current lithium prices",[598],{"type":599,"attrs":600},"link",{"href":601,"uuid":49,"anchor":49,"target":49,"linktype":602},"https://source.benchmarkminerals.com/article/have-lithium-prices-reached-a-bottom","url",{"text":604,"type":591}," failing to incentivise capital investment in new supply, the US Department of Energy (DoE) loan to Lithium America’s Thacker Pass project in Nevada demonstrates the strategic importance of establishing a domestic lithium sector. The Thacker Pass project is set to account for 35% of US lithium chemical supply by 2030, according to ",{"text":606,"type":591,"marks":607},"the Benchmark Lithium Forecast",[608],{"type":599,"attrs":609},{"href":610,"uuid":49,"anchor":49,"target":49,"linktype":602},"https://www.benchmarkminerals.com/forecasts/lithium/reports/",{"text":612,"type":591},".",{"type":614,"attrs":615,"content":617},"heading",{"level":616,"textAlign":49},4,[618],{"text":619,"type":591},"What has happened?",{"type":586,"attrs":621,"content":622},{"textAlign":49},[623],{"text":624,"type":591},"“The Thacker Pass project is a strategic asset for the US,” said Federico Gay, principal lithium analyst at Benchmark. “Even if it’s uneconomical for some time, the US is aiming to secure long-term supply.” ",{"type":614,"attrs":626,"content":627},{"level":616,"textAlign":49},[628],{"text":629,"type":591},"How is the US government approaching long term domestic supply? ",{"type":586,"attrs":631,"content":632},{"textAlign":49},[633,635],{"text":634,"type":591},"The IRA is the cornerstone of the Biden administration’s strategy to reduce reliance on China by building domestic clean energy supply chains. Under the flagship climate policy, the DoE’s Loan Program Office is providing finance to support the development of domestic critical raw material projects, including ",{"text":636,"type":591,"marks":637},"fellow lithium entrant Ioneer.",[638],{"type":599,"attrs":639},{"href":640,"uuid":49,"anchor":49,"target":49,"linktype":602},"https://source.benchmarkminerals.com/article/us-doe-backs-domestic-lithium-with-700-million-ioneer-loan",{"type":586,"attrs":642,"content":643},{"textAlign":49},[644],{"text":645,"type":591},"“The US is focusing on a medium-to-long term view. It realises it is currently left behind in the supply chain,” said Gay. “If the US doesn’t develop mines now, by the late 2020’s to mid-2030’s when demand is expected to ramp-up considerably in the EV space, dependence on China will remain the only outcome.”",{"type":586,"attrs":647,"content":648},{"textAlign":49},[649],{"text":650,"type":591},"Gay expects further action to support the development of lithium mines and processing plants in the US, due to the strategic nature of the industry. ",{"type":586,"attrs":652,"content":653},{"textAlign":49},[654],{"text":655,"type":591},"“Apart from the IRA’s support on taxation, granting loans in a pricing environment where banks’ affordability tests might be under stress for lithium projects makes sense if the US hopes to secure a stronger place in the supply chain,” he said.",{"type":614,"attrs":657,"content":658},{"level":616,"textAlign":49},[659],{"text":660,"type":591},"Weakened lithium prices pose future supply risk",{"type":586,"attrs":662,"content":663},{"textAlign":49},[664,669],{"text":665,"type":591,"marks":666},"Lithium’s downturn from record highs is adding to future supply risk",[667],{"type":599,"attrs":668},{"href":601,"uuid":49,"anchor":49,"target":49,"linktype":602},{"text":670,"type":591}," for the battery industry in the West, where both capital and operational costs are higher than other regions.",{"type":586,"attrs":672,"content":673},{"textAlign":49},[],{"type":586,"attrs":675,"content":676},{"textAlign":49},[677],{"text":678,"type":591},"Leading US-based lithium producer Albemarle stated late last year that prices were below its own “reinvestment economics,” confirming the company would defer spending on a lithium refinery in South Carolina as part of a measures to preserve cash flow.",{"type":586,"attrs":680,"content":681},{"textAlign":49},[682],{"text":683,"type":591},"This trend threatens to slow supply-side growth, at a time when lower lithium prices could provide further stimulus to long-term demand projections.","The US government has committed to supporting its domestic lithium industry after earmarking $2.26 billion of federal funds to advance the country’s largest lithium mining project. With current lithium prices failing to incentivise capital investment in new supply, the US Department of Energy (DoE) loan to Lithium America’s Thacker Pass project in Nevada demonstrates the […]",[686],{"slug":574,"name":575,"content":687},{"job_title":577,"image":688,"bio":580,"linkedin":581},{"filename":579},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"dbd82e05-b4fd-4af7-969d-8a43d5714f03\", \"id\": \"\"}-->","article",[692,695,698],{"slug":693,"name":694},"critical-minerals","Critical Minerals",{"slug":696,"name":697},"geopolitics","Geopolitics",{"slug":699,"name":8},"lithium","private",{"id":49,"alt":702,"name":702,"focus":702,"title":702,"source":702,"filename":703,"copyright":702,"fieldtype":704,"meta_data":705,"is_external_url":51},"","https://wp-admin.benchmarkminerals.com/app/uploads/US-DOE-scaled.jpg","asset",{"alt":702,"title":702,"source":702,"copyright":702},"Mar 22, 2024","22nd March 2024",[],[],1792773903603]