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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":907,"relatedVideos":908},112471940774810,"85fbb1d6-1d45-4950-a952-f642c284ca37","Where will the new lithium, cobalt and nickel supply come from in 2023?","where-will-the-new-lithium-cobalt-and-nickel-supply-come-from-in-2023","article/where-will-the-new-lithium-cobalt-and-nickel-supply-come-from-in-2023",{"_uid":547,"date":548,"tags":549,"editor":553,"content":563,"excerpt":883,"featured":51,"reporter":884,"_editable":888,"component":889,"seo_title":543,"categories":890,"visibility":900,"author_company":49,"featured_image":901,"seo_description":883,"author_full_name":49,"author_job_title":49,"formattedDate":905,"formattedArticleDate":906},"2a6e8aad-6a63-48a2-b994-e5a6f0a3c2f1","2023-01-24 00:00",[550],{"slug":551,"name":552},"data-visualisation","Data Visualisation",[554],{"slug":555,"name":556,"content":557},"didi-bostock","Didi Bostock",{"job_title":558,"image":559,"bio":561,"linkedin":562},"Editor - Energy Transition & Economics",{"filename":560},"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":564,"content":565},"doc",[566,573,578,587,602,607,612,619,632,639,652,657,662,673,692,703,716,729,734,739,752,759,764,769,782,787,792,797,810,815,820,833,840,845,850,855,860,865,870],{"type":567,"attrs":568,"content":569},"paragraph",{"textAlign":49},[570],{"text":571,"type":572},"Investment in new mines as well as expansions to existing assets are set to increase the supply of battery minerals this year. ","text",{"type":567,"attrs":574,"content":575},{"textAlign":49},[576],{"text":577,"type":572},"Lithium supply is expected to have the biggest increase, rising by over 40% compared to 2022, while production of cobalt and nickel is expected to grow at more modest rates of 9% and 7%, respectively, according to Benchmark.",{"type":567,"attrs":579,"content":580},{"textAlign":49},[581],{"type":582,"attrs":583},"image",{"id":49,"alt":584,"src":585,"title":49,"source":49,"copyright":49,"meta_data":586},"","https://a.storyblok.com/f/287943243085208/f1c9f14dc4/bm-mined-lithium-to-grow-faster-than-other-metals-in-2023.png",{},{"type":567,"attrs":588,"content":589},{"textAlign":49},[590,592,600],{"text":591,"type":572},"While the lithium market is set to be in a ",{"text":593,"type":572,"marks":594},"small deficit,",[595],{"type":596,"attrs":597},"link",{"href":598,"uuid":49,"anchor":49,"target":49,"linktype":599},"https://source.benchmarkminerals.com/article/lithium-oversupply-not-likely-five-main-reasons-why","url",{"text":601,"type":572}," cobalt and nickel are set for a surplus of supply.",{"type":567,"attrs":603,"content":604},{"textAlign":49},[605],{"text":606,"type":572},"For lithium, the expansion of production is spread between Australia, South America and China. However, for cobalt and nickel, the growth is more concentrated with the vast majority being from the Democratic Republic of the Congo and Indonesia.",{"type":567,"attrs":608,"content":609},{"textAlign":49},[610],{"text":611,"type":572},"We take a look at where the supply growth is coming from for each of the three battery cathode minerals which Benchmark forecasts.",{"type":613,"attrs":614,"content":616},"heading",{"level":615,"textAlign":49},4,[617],{"text":618,"type":572},"Lithium’s supply growth",{"type":567,"attrs":620,"content":621},{"textAlign":49},[622,624,630],{"text":623,"type":572},"Lithium is set for the largest year-on-year percentage growth in supply since 2016, according to Benchmark’s Lithium Forecast, due to expansions by the ",{"text":625,"type":572,"marks":626},"largest producers SQM",[627],{"type":596,"attrs":628},{"href":629,"uuid":49,"anchor":49,"target":49,"linktype":599},"https://source.benchmarkminerals.com/article/lithium-majors-tianqi-and-sqm-make-swoop-for-australian-juniors",{"text":631,"type":572}," and Albemarle, as well as by new entrants in Africa and China.",{"type":567,"attrs":633,"content":634},{"textAlign":49},[635],{"type":582,"attrs":636},{"id":49,"alt":584,"src":637,"title":49,"source":49,"copyright":49,"meta_data":638},"https://a.storyblok.com/f/287943243085208/8b28b4583e/bm-2023-lithium.jpg",{},{"type":567,"attrs":640,"content":641},{"textAlign":49},[642,644,650],{"text":643,"type":572},"About two-fifths of this year’s ",{"text":645,"type":572,"marks":646},"supply growth is set to come from Australia",[647],{"type":596,"attrs":648},{"href":649,"uuid":49,"anchor":49,"target":49,"linktype":599},"https://source.benchmarkminerals.com/article/australia-on-course-to-remain-number-one-lithium-producer-to-2030",{"text":651,"type":572},", which could see over 100,000 tonnes (LCE) of additional spodumene concentrate production, led by the Greenbushes lithium mine. Benchmark forecasts Greenbushes will grow its output by 16% this year.",{"type":567,"attrs":653,"content":654},{"textAlign":49},[655],{"text":656,"type":572},"In terms of new mines, SQM and Wesfarmers are set to start production at the Mt Holland mine this year, while Core Lithium sent out its first shipment of 1.4% lithium oxide direct shipping ore (DSO) on January 5th this year from its Finniss mine. ",{"type":567,"attrs":658,"content":659},{"textAlign":49},[660],{"text":661,"type":572},"Outside of Australia the single largest new lithium project to come online this year is expected to be Sigma Lithium’s mine in Brazil. It is expected to begin commercial production in April of this year with an initial production of 12,500 tonnes LCE.",{"type":567,"attrs":663,"content":664},{"textAlign":49},[665,671],{"text":666,"type":572,"marks":667},"Ganfeng Lithium and Lithium Americas’",[668],{"type":596,"attrs":669},{"href":670,"uuid":49,"anchor":49,"target":49,"linktype":599},"https://source.benchmarkminerals.com/article/exclusive-ganfeng-eyes-us-oems-for-strategic-stake-in-mexican-lithium-project",{"text":672,"type":572}," Salar de Cauchari mine in the Jujuy province of Argentina is also expected to come online in 2023, with an initial production of 10,000 tonnes LCE.",{"type":567,"attrs":674,"content":675},{"textAlign":49},[676,682,684,690],{"text":677,"type":572,"marks":678},"North America",[679],{"type":596,"attrs":680},{"href":681,"uuid":49,"anchor":49,"target":49,"linktype":599},"https://source.benchmarkminerals.com/article/can-north-america-build-a-battery-supply-chain",{"text":683,"type":572}," and ",{"text":685,"type":572,"marks":686},"Africa",[687],{"type":596,"attrs":688},{"href":689,"uuid":49,"anchor":49,"target":49,"linktype":599},"https://source.benchmarkminerals.com/article/byd-eyes-african-lithium-as-chinese-companies-invest-in-continent",{"text":691,"type":572}," will see the largest proportional increase in their mined lithium production growing 375% and 276%, respectively, albeit from a small base.",{"type":567,"attrs":693,"content":694},{"textAlign":49},[695,701],{"text":696,"type":572,"marks":697},"In Canada",[698],{"type":596,"attrs":699},{"href":700,"uuid":49,"anchor":49,"target":49,"linktype":599},"https://source.benchmarkminerals.com/article/canada-puts-breaks-on-chinas-4-billion-lithium-acquisition-spree",{"text":702,"type":572},", Sayona Mining’s mine in Quebec is expected to start this year and Sinomine’s Tanco mine in Manitoba will continue to ramp up with its production increasing five-fold compared to 2022.",{"type":567,"attrs":704,"content":705},{"textAlign":49},[706,708,714],{"text":707,"type":572},"In Africa, China’s Xinfeng is forecast to increase its ",{"text":709,"type":572,"marks":710},"direct shipment ore",[711],{"type":596,"attrs":712},{"href":713,"uuid":49,"anchor":49,"target":49,"linktype":599},"https://source.benchmarkminerals.com/article/zimbabwes-lithium-ore-export-ban-highlights-africas-lithium-potential",{"text":715,"type":572}," exports out of Namibia five-fold this year while in Zimbabwe Chinese miners Sinomine and Zhejiang Huayou Cobalt are both forecast to begin production in their respective mines.",{"type":567,"attrs":717,"content":718},{"textAlign":49},[719,721,727],{"text":720,"type":572},"“These new sources of supply will likely take some time to ramp up and may not really be operating at full capacity until 2024 or beyond,” Daisy ",{"text":722,"type":572,"marks":723},"Jennings-Gray, an analyst at Benchmark, said",[724],{"type":596,"attrs":725},{"href":726,"uuid":49,"anchor":49,"target":49,"linktype":599},"https://source.benchmarkminerals.com/video/watch/analyst-insights-what-is-happening-in-the-lithium-market",{"text":728,"type":572},". “Even if we do see new projects come to market, the time that it will take for that material to be qualified with customers […] may be longer than a lot of people would expect from surface-level announcements.”",{"type":613,"attrs":730,"content":731},{"level":615,"textAlign":49},[732],{"text":733,"type":572},"Cobalt and the DRC",{"type":567,"attrs":735,"content":736},{"textAlign":49},[737],{"text":738,"type":572},"Benchmark’s cobalt forecast shows that the 2023 production of mined cobalt is expected to grow by 9% compared to 2022. ",{"type":567,"attrs":740,"content":741},{"textAlign":49},[742,744,750],{"text":743,"type":572},"Almost 40% of this growth is from the ",{"text":745,"type":572,"marks":746},"Democratic Republic of the Congo",[747],{"type":596,"attrs":748},{"href":749,"uuid":49,"anchor":49,"target":49,"linktype":599},"https://source.benchmarkminerals.com/article/drc-needs-to-improve-esg-of-cobalt-to-become-key-to-climate-crisis",{"text":751,"type":572},", which will continue to command the lion’s share of cobalt production globally.",{"type":567,"attrs":753,"content":754},{"textAlign":49},[755],{"type":582,"attrs":756},{"id":49,"alt":584,"src":757,"title":49,"source":49,"copyright":49,"meta_data":758},"https://a.storyblok.com/f/287943243085208/c365dc0e99/bm-cobalt-2023.jpg",{},{"type":567,"attrs":760,"content":761},{"textAlign":49},[762],{"text":763,"type":572},"Supply from the DRC is expected to increase by nearly 5% this year, led by expansions at Glencore’s Katanga and Mutanda mines, Eurasian Resource Group’s (ERG) Roan Tailings Reclamation (RTR) mine and CMOC’s Tenke Fungurume mine. ",{"type":567,"attrs":765,"content":766},{"textAlign":49},[767],{"text":768,"type":572},"With supply growth outstripping demand-side growth in the near term, a growing surplus of supply is set to drive further negative pressure on prices in 2023.",{"type":567,"attrs":770,"content":771},{"textAlign":49},[772,774,780],{"text":773,"type":572},"However, China’s CMOC remains locked in a legal dispute with the DRC government over royalty payments at the ",{"text":775,"type":572,"marks":776},"Tenke mine",[777],{"type":596,"attrs":778},{"href":779,"uuid":49,"anchor":49,"target":49,"linktype":599},"https://source.benchmarkminerals.com/article/congo-court-ejects-china-moly-from-tenke-cobalt-mine",{"text":781,"type":572},", with exports having been stopped in July 2022.",{"type":567,"attrs":783,"content":784},{"textAlign":49},[785],{"text":786,"type":572},"“With no immediate settlement to this legal wrangling in sight, there is a real possibility that the world’s second-largest cobalt mine may have to stop production this year,” Greg Miller, an analyst at Benchmark, said. ",{"type":567,"attrs":788,"content":789},{"textAlign":49},[790],{"text":791,"type":572},"This year CMOC was set to begin production on its Kisanfu project in the DRC, which Benchmark forecasts would be the largest new addition to mined cobalt supply in 2023 if it goes ahead.",{"type":567,"attrs":793,"content":794},{"textAlign":49},[795],{"text":796,"type":572},"The shakedown of Chinese entities has not been limited to CMOC. The DRC government has also targeted the Sicomines joint venture it has with two Chinese state-owned companies. ",{"type":567,"attrs":798,"content":799},{"textAlign":49},[800,802,808],{"text":801,"type":572},"Outside of the DRC, ",{"text":803,"type":572,"marks":804},"Indonesia will account for about 37%",[805],{"type":596,"attrs":806},{"href":807,"uuid":49,"anchor":49,"target":49,"linktype":599},"https://source.benchmarkminerals.com/article/indonesia-cobalt-supply-to-push-market-into-surplus-this-decade",{"text":809,"type":572}," of the cobalt growth in 2023, almost doubling its market share to 6.5%. All of Indonesia’s pipeline cobalt production is from nickel processing plants.",{"type":613,"attrs":811,"content":812},{"level":615,"textAlign":49},[813],{"text":814,"type":572},"Nickel’s Indonesian growth",{"type":567,"attrs":816,"content":817},{"textAlign":49},[818],{"text":819,"type":572},"Indonesia is set to dominate growth in refined nickel supply this year, with the ocuntry set to increase production by 25%.",{"type":567,"attrs":821,"content":822},{"textAlign":49},[823,825,831],{"text":824,"type":572},"Globally, however,",{"text":826,"type":572,"marks":827}," refined nickel production ",[828],{"type":596,"attrs":829},{"href":830,"uuid":49,"anchor":49,"target":49,"linktype":599},"https://source.benchmarkminerals.com/article/whats-in-store-for-cobalt-and-nickel-in-2023",{"text":832,"type":572},"is set to increase only modestly, rising 6.7% compared to 2022, about half the growth rate seen between 2021 and 2022.",{"type":567,"attrs":834,"content":835},{"textAlign":49},[836],{"type":582,"attrs":837},{"id":49,"alt":584,"src":838,"title":49,"source":49,"copyright":49,"meta_data":839},"https://a.storyblok.com/f/287943243085208/1bd075d654/bm-nickel-2023.jpg",{},{"type":567,"attrs":841,"content":842},{"textAlign":49},[843],{"text":844,"type":572},"In 2020, Indonesia banned the export of nickel ore to stimulate value-added investment in the country. This meant China could no longer import ore from the region to produce nickel pig iron (NPI) to produce stainless steel. ",{"type":567,"attrs":846,"content":847},{"textAlign":49},[848],{"text":849,"type":572},"This stimulated value-added investment in Indonesia, where Chinese companies have built large-scale industrial parks centred on refined nickel and stainless steel production.",{"type":567,"attrs":851,"content":852},{"textAlign":49},[853],{"text":854,"type":572},"With lithium ion batteries representing the fastest-growing end-use market, Chinese companies have also built a number of high-pressure acid leach plants to process nickel ore into a semi-refined nickel product suited to battery precursor production.",{"type":567,"attrs":856,"content":857},{"textAlign":49},[858],{"text":859,"type":572},"The largest nameplate capacity refinery to come online in 2023 is expected to be Huayou Cobalt’s Weda Bay high-pressure acid leaching nickel and cobalt project, which is jointly owned by Huayou and battery producer EVE Energy, along with Yongrui, Glaucous International, and Lindo Investment.",{"type":567,"attrs":861,"content":862},{"textAlign":49},[863],{"text":864,"type":572},"When fully operational, the plant will have a capacity of 120,000 tonnes of nickel and 15,000 tonnes of cobalt. Benchmark forecasts it will produce 10,000 tonnes of contained nickel in 2023 in the form of mixed hydroxide precipitate.",{"type":567,"attrs":866,"content":867},{"textAlign":49},[868],{"text":869,"type":572},"In total, Benchmark forecasts seven new projects could begin operation in Weda Bay this year, with overall production in the industrial park increasing by nearly 40% compared to last year.",{"type":567,"attrs":871,"content":872},{"textAlign":49},[873,875,881],{"text":874,"type":572},"That will cement ",{"text":876,"type":572,"marks":877},"Indonesia’s position as the key supplier",[878],{"type":596,"attrs":879},{"href":880,"uuid":49,"anchor":49,"target":49,"linktype":599},"https://source.benchmarkminerals.com/article/automakers-esg-woes-grow-over-indonesian-nickel",{"text":882,"type":572}," of nickel to the global battery market.","Investment in new mines as well as expansions to existing assets are set to increase the supply of battery minerals this year. Lithium supply is expected to have the biggest increase, rising by over 40% compared to 2022, while production of cobalt and nickel is expected to grow at more modest rates of 9% and […]",[885],{"slug":555,"name":556,"content":886},{"job_title":558,"image":887,"bio":561,"linkedin":562},{"filename":560},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"2a6e8aad-6a63-48a2-b994-e5a6f0a3c2f1\", \"id\": \"\"}-->","article",[891,893,896,898],{"slug":892,"name":115},"cobalt",{"slug":894,"name":895},"critical-minerals","Critical Minerals",{"slug":897,"name":8},"lithium",{"slug":899,"name":150},"nickel","private",{"id":49,"alt":584,"name":584,"focus":584,"title":584,"source":584,"filename":902,"copyright":584,"fieldtype":903,"meta_data":904,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/c1b4a53c46/bm-spodumene5.jpg","asset",{"alt":584,"title":584,"source":584,"copyright":584},"Jan 24, 2023","24th January 2023",[],[],1781280282413]