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Mid-Nickel",103.5,99.73,3.78,13.78,6.78,[518,519,520,522,524,526,528,530,532,534,536,538],{"date":213,"value":512},{"date":216,"value":513},{"date":219,"value":521},99.19,{"date":222,"value":523},96.02,{"date":225,"value":525},98.23,{"date":467,"value":527},99.24,{"date":329,"value":529},101.29,{"date":339,"value":531},87.61,{"date":341,"value":533},92.44,{"date":344,"value":535},90.96,{"date":347,"value":537},92.24,{"date":350,"value":539},95.09,{"id":541,"uuid":542,"name":543,"slug":544,"full_slug":545,"content":546,"relatedArticles":774,"relatedVideos":775},112471554751099,"bbe27926-6322-4b7c-b27c-d165c1bc0b8a","“We believe Africa will be the next good opportunity for lithium.” Q&A with Wang Xiaoshen of Ganfeng Lithium.","we-believe-africa-will-be-the-next-good-opportunity-for-lithium-qa-with-wang-xiaoshen-of-ganfeng-lithium","article/we-believe-africa-will-be-the-next-good-opportunity-for-lithium-qa-with-wang-xiaoshen-of-ganfeng-lithium",{"_uid":547,"date":548,"tags":549,"editor":559,"content":569,"excerpt":754,"featured":51,"reporter":755,"_editable":759,"component":760,"seo_title":543,"categories":761,"visibility":767,"author_company":49,"featured_image":768,"seo_description":754,"author_full_name":49,"author_job_title":49,"formattedDate":772,"formattedArticleDate":773},"a8b37ee8-20d2-4e42-a889-93ac032b7647","2023-04-04 00:00",[550,553,556],{"slug":551,"name":552},"china","China",{"slug":554,"name":555},"ganfeng","Ganfeng Lithium",{"slug":557,"name":558},"qa","Q&A",[560],{"slug":561,"name":562,"content":563},"didi-bostock","Didi Bostock",{"job_title":564,"image":565,"bio":567,"linkedin":568},"Editor - Energy Transition & Economics",{"filename":566},"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":570,"content":571},"doc",[572,579,584,589,604,609,618,623,628,633,638,643,648,653,658,663,668,673,680,687,692,697,702,707,720,725,730,735,740,745],{"type":573,"attrs":574,"content":575},"paragraph",{"textAlign":49},[576],{"text":577,"type":578},"Last month Ganfeng Lithium reported that its net profit for 2022 rose by 292% to 20.5 billion RMB ($3 billion) – the highest in its history, thanks to record high lithium prices. ","text",{"type":573,"attrs":580,"content":581},{"textAlign":49},[582],{"text":583,"type":578},"The company is the most integrated in the sector, from lithium extraction all the way to production of next-generation solid-state batteries. It also recycles old batteries. ",{"type":573,"attrs":585,"content":586},{"textAlign":49},[587],{"text":588,"type":578},"By the end of the decade it aims to have the capacity to produce 600,000 tonnes LCE a year of lithium products, including lithium from recycling. ",{"type":573,"attrs":590,"content":591},{"textAlign":49},[592,594,602],{"text":593,"type":578},"This year Chinese spot market battery-grade lithium prices ",{"text":595,"type":578,"marks":596},"have almost halved",[597],{"type":598,"attrs":599},"link",{"href":600,"uuid":49,"anchor":49,"target":49,"linktype":601},"https://source.benchmarkminerals.com/article/chinese-lithium-prices-almost-halve-from-november-peak-as-demand-weakens","url",{"text":603,"type":578},", due to uncertainty in the market and slower electric vehicle sales. Battery-grade spot market lithium traded at RMB 289,500 ($42,075) a tonne at the end of March, according to the Benchmark Lithium Price Assessment. ",{"type":573,"attrs":605,"content":606},{"textAlign":49},[607],{"text":608,"type":578},"Benchmark Source sat down with Wang Xiaoshen, president of Ganfeng, to talk about lithium prices, Chinese lepidolite, Africa, and sodium ion batteries. Below is an edited transcript of the conversation. ",{"type":610,"attrs":611,"content":613},"heading",{"level":612,"textAlign":49},4,[614,616],{"text":615,"type":578},"Lithium prices in China keep falling.",{"text":617,"type":578},"How do you see the market at the moment? ",{"type":573,"attrs":619,"content":620},{"textAlign":49},[621],{"text":622,"type":578},"Last year was booming … Lots of battery companies and OEMs were very aggressive about expansion so they gave big numbers for requirements for upstream resources like lithium, encouraging everyone to expand, especially lepidolite and DSO [Direct Shipping Ore] coming from Africa. So I think that the market needs to have an adjustment. ",{"type":573,"attrs":624,"content":625},{"textAlign":49},[626],{"text":627,"type":578},"And also, earlier this year Tesla made the first move – they announced they would reduce the price significantly. And so consumers are expecting everyone to follow them. So the consumer postponed their purchase of EVs. And so this month, actually, there will be a big auto show in Shanghai. So many people believe that after this auto show probably consumers will start to buy.",{"type":573,"attrs":629,"content":630},{"textAlign":49},[631],{"text":632,"type":578},"There’s also some unexpected or additional factors. For gasoline cars there are new standards for emissions starting from the second half. So some of the OEMs want to get rid of their inventories before July 1. So this is another reason why now the car market is becoming a big mess.",{"type":610,"attrs":634,"content":635},{"level":612,"textAlign":49},[636],{"text":637,"type":578},"What is happening with inventories in the market? ",{"type":573,"attrs":639,"content":640},{"textAlign":49},[641],{"text":642,"type":578},"I think everyone in the last couple of months tried to reduce their inventories to the minimum level. But nobody knows when the market is going to recover. And also the supply chain also still has some inventories. ",{"type":573,"attrs":644,"content":645},{"textAlign":49},[646],{"text":647,"type":578},"The cathode company probably has the minimum volume of the inventories. There are some in the form of batteries. Some battery companies have some inventories. And some probably are in the form of cars. ",{"type":610,"attrs":649,"content":650},{"level":612,"textAlign":49},[651],{"text":652,"type":578},"How low can lithium prices get? Some people in China are talking about 100,000 RMB a tonne now.  ",{"type":573,"attrs":654,"content":655},{"textAlign":49},[656],{"text":657,"type":578},"It’s hard to say. These days people are looking at 150,000 RMB ($21,807 a tonne), that has a bigger chance to be achieved, but 100,000 RMB I’m not sure. This depends on the demand side. If everyone comes back to the car market it could recover from May and June. So it’s hard to say and also downstream in the energy storage sector the customers are waiting until the lithium price becomes stabilised… Everyone holds their order and waits to see when the lithium price will be stabilised. ",{"type":610,"attrs":659,"content":660},{"level":612,"textAlign":49},[661],{"text":662,"type":578},"Won’t Chinese domestic lepidolite resources be uneconomic below a certain level?",{"type":573,"attrs":664,"content":665},{"textAlign":49},[666],{"text":667,"type":578},"Below 100,000 RMB only a few and smaller volume [mines] can be justified. But we believe the big volume that everyone was expecting would probably be in trouble.",{"type":610,"attrs":669,"content":670},{"level":612,"textAlign":49},[671],{"text":672,"type":578},"Do you think the lithium market will be tightly balanced in the next few years? ",{"type":573,"attrs":674,"content":675},{"textAlign":49},[676,678],{"text":677,"type":578},"I think that in 2024, 2025 it will be tightly balanced,",{"text":679,"type":578},"but this year is different. There’s lots of uncertainty this year so nobody knows. ",{"type":610,"attrs":681,"content":682},{"level":612,"textAlign":49},[683,685],{"text":684,"type":578},"Everyone outside of China is wondering how much lithium can come from domestic lepidolite resources in China. What do you think about the potential of domestic Chinese production? ",{"text":686,"type":578},"Is it viable?",{"type":573,"attrs":688,"content":689},{"textAlign":49},[690],{"text":691,"type":578},"Yes it’s viable. We believe in the long-run the market still needs all kinds of resources into the supply chain because there will be big demand in the coming years. But of course depending on each individual mine’s cost. ",{"type":573,"attrs":693,"content":694},{"textAlign":49},[695],{"text":696,"type":578},"In the long-run there will be some incremental supply from lepidolite in China and also in Africa actually. In Africa there are some lithium hard rock mines that are lepidolite or petalite. So this could also become a part of the supply in the future. Not only from China, but also from Africa as well.",{"type":610,"attrs":698,"content":699},{"level":612,"textAlign":49},[700],{"text":701,"type":578},"Will you look to invest more in Chinese lithium projects? ",{"type":573,"attrs":703,"content":704},{"textAlign":49},[705],{"text":706,"type":578},"Well, looking at we’re looking at Chinese deposits but also we will probably spend more time and energy and resources in Africa. We already invested in Goulamina in Mali, and we are now speeding up the construction. We have also invested in some smaller, earlier stage projects in Africa. We’re going to do exploration. We think there’s good opportunities in Africa.",{"type":573,"attrs":708,"content":709},{"textAlign":49},[710,712,718],{"text":711,"type":578},"We believe ",{"text":713,"type":578,"marks":714},"Africa",[715],{"type":598,"attrs":716},{"href":717,"uuid":49,"anchor":49,"target":49,"linktype":601},"https://source.benchmarkminerals.com/article/zimbabwes-lithium-ore-export-ban-highlights-africas-lithium-potential",{"text":719,"type":578}," will be the next good opportunity for lithium. We are looking to extend Goulamina for the second stage. We’re also working with other exploration companies to do more exploration work in Africa.",{"type":610,"attrs":721,"content":722},{"level":612,"textAlign":49},[723],{"text":724,"type":578},"Are environmental issues a concern for Chinese lithium? ",{"type":573,"attrs":726,"content":727},{"textAlign":49},[728],{"text":729,"type":578},"Yes … especially those projects using open-pit mining…. The [Chinese] government environment department will be very serious about this. But local governments sometimes want to promote business, sometimes over promise to the companies. We have multiple projects in China and everywhere we find that it’s not that easy to handle environmental issues, if there’s any environmental issues it will be very complicated.",{"type":573,"attrs":731,"content":732},{"textAlign":49},[733],{"text":734,"type":578},"We have an Inner Mongolia project and a lepidolite project in Jiangxi. Both projects will be underground mining as we think with open-pit the environmental impact will be too big. ",{"type":610,"attrs":736,"content":737},{"level":612,"textAlign":49},[738],{"text":739,"type":578},"Are sodium ion batteries a threat to lithium ion at all? ",{"type":573,"attrs":741,"content":742},{"textAlign":49},[743],{"text":744,"type":578},"We believe that sodium is currently not cheaper than lithium. There’s the theory that people believe that because they don’t use lithium it might be cheaper. But they forgot that the other parts of the sodium batteries are more expensive, like anode, like electrolyte … So overall if you only look at theory cost, if the lithium price was $80 per kilo that’s true. But if it’s $10 a kilo, then that scenario is changed completely. Sodium ion batteries all depend on the lithium prices. It’s like a backup.",{"type":573,"attrs":746,"content":747},{"textAlign":49},[748],{"type":749,"attrs":750},"image",{"id":49,"alt":751,"src":752,"title":49,"source":49,"copyright":49,"meta_data":753},"","https://a.storyblok.com/f/287943243085208/24861bf9dd/bm-ganfengs-global-footprint.jpg",{},"Last month Ganfeng Lithium reported that its net profit for 2022 rose by 292% to 20.5 billion RMB ($3 billion) – the highest in its history, thanks to record high lithium prices. The company is the most integrated in the sector, from lithium extraction all the way to production of next-generation solid-state batteries. It also […]",[756],{"slug":561,"name":562,"content":757},{"job_title":564,"image":758,"bio":567,"linkedin":568},{"filename":566},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"a8b37ee8-20d2-4e42-a889-93ac032b7647\", \"id\": \"\"}-->","article",[762,765],{"slug":763,"name":764},"batteries","Batteries",{"slug":766,"name":8},"lithium","private",{"id":49,"alt":751,"name":751,"focus":751,"title":751,"source":751,"filename":769,"copyright":751,"fieldtype":770,"meta_data":771,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/d184a701f9/bm-wang-xiaoshen.jpg","asset",{"alt":751,"title":751,"source":751,"copyright":751},"Apr 04, 2023","4th April 2023",[],[],1784107198560]