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and currently serves as Product Director for Lithium at Benchmark Mineral Intelligence. With over a decade of experience in opaque mineral markets, he has led market strategy, pricing analysis, and bespoke consulting for clients ranging from junior explorers to OEMs and institutional investors. He was previously a consultant at TZMI, a geologist with the Geological Survey of NSW, and holds a PhD in Environmental Engineering.","e6dcae2a-1032-4334-a397-3a4491e1d76c",{"id":551,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":552,"copyright":547,"fieldtype":553,"meta_data":554,"is_external_url":50},148111860934712,"https://a.storyblok.com/f/287943243085208/512x512/5504398139/cam-perks.png","asset",{},"https://www.linkedin.com/in/cameronperks/","author","Product Director - Lithium",[],[],[561,783,1106,1319,1451,1712,1951,2173,2404,2659,2876,3028],{"id":562,"uuid":563,"name":564,"slug":565,"full_slug":566,"content":567},191244801048632,"cf768bdc-8a11-4a1e-9d47-20c80f2aff45","What does the Jinzifeng–Huashan merger mean for Jiangxi’s lithium supply? ","what-does-the-jinzifeng-huashan-merger-mean-for-jiangxi-s-lithium-supply-","article/what-does-the-jinzifeng-huashan-merger-mean-for-jiangxi-s-lithium-supply-",{"_uid":568,"date":569,"tags":570,"editor":577,"content":587,"excerpt":749,"featured":51,"reporter":750,"component":763,"seo_title":764,"categories":765,"visibility":774,"data_vis_image":775,"featured_image":777,"seo_description":781,"formattedDate":782},"16a8cf38-4781-4be4-9db2-d7a446534cf4","2026-06-25 00:00",[571,574],{"slug":572,"name":573},"china","China",{"slug":575,"name":576},"jiangxi","Jiangxi",[578],{"slug":579,"name":580,"content":581},"matthew-bird","Matthew Bird",{"job_title":582,"image":583,"bio":585,"linkedin":586},"Senior Editor - Supply Chains & Data Visualisation",{"filename":584},"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":588,"content":589},"doc",[590,618,626,634,644,652,716,728,736,744],{"type":591,"attrs":592,"content":593},"paragraph",{"textAlign":49},[594,602,613],{"text":595,"type":596,"marks":597},"Yongxing and Canmax have announced plans to merge two adjacent lepidolite mines in ","text",[598],{"type":599,"attrs":600},"textStyle",{"color":601},"#000000",{"text":576,"type":596,"marks":603},[604,611],{"type":605,"attrs":606},"link",{"href":607,"uuid":608,"anchor":49,"target":609,"linktype":610},"/article/rangebound-prices-ahead-as-jiangxi-permits-set-floor-and-ceiling","96bc7dd9-37df-4c3e-b848-2721361922c6","_self","story",{"type":599,"attrs":612},{"color":601},{"text":614,"type":596,"marks":615},", China's largest lithium-mica hub, in a deal Benchmark expects to delay fresh lithium supply in the near term even as it unlocks substantial output over the longer term.",[616],{"type":599,"attrs":617},{"color":601},{"type":591,"attrs":619,"content":620},{"textAlign":49},[621],{"text":622,"type":596,"marks":623},"Under the deal, Canmax subsidiary Yichun Shengyuan Lithium will inject its Jinzifeng mine, valued at RMB 2.7 billion (~$396 million), into Yongxing's Huaqiao Mining in exchange for a 50% stake, with both parties then applying for a single unified mining right designed for 18 million tonnes of ore per year.",[624],{"type":599,"attrs":625},{"color":601},{"type":591,"attrs":627,"content":628},{"textAlign":49},[629],{"text":630,"type":596,"marks":631},"The combination pairs Jinzifeng's vast, low-grade resource (5.5 billion tonnes of geological reserves at 0.31% Li₂O, of which 1.8 billion tonnes are recoverable) with Huaqiao’s higher-grade Huashan mine (492 million tonnes at 0.39% Li₂O). Both hold statutory capacity of nine million tonnes per year.",[632],{"type":599,"attrs":633},{"color":601},{"type":635,"attrs":636},"blok",{"id":637,"body":638},"8f88e146-1acd-4328-a6e7-98020f2d901e",[639],{"id":640,"_uid":641,"type":642,"component":643,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"29487638","i-ae5102ea-c983-44f9-b731-627ccd4c5820","visualisation","ContentFlourish",{"type":591,"attrs":645,"content":646},{"textAlign":49},[647],{"text":648,"type":596,"marks":649},"The deal lands amid China's tightening of lithium mining oversight. Amendments to the Mineral Resources Law adopted in late 2024 gave regulators enforcement powers beyond advisory inspections, and a State Council Action Plan for Comprehensive Solid Waste Management tightened tailings, reclamation and processing-approval standards.",[650],{"type":599,"attrs":651},{"color":601},{"type":591,"attrs":653,"content":654},{"textAlign":49},[655,660,669,674,683,688,697,702,711],{"text":656,"type":596,"marks":657},"It is a campaign ",[658],{"type":599,"attrs":659},{"color":601},{"text":661,"type":596,"marks":662},"Benchmark has tracked",[663,667],{"type":605,"attrs":664},{"href":665,"uuid":666,"anchor":49,"target":609,"linktype":610},"/article/q3-lithium-preview-jiangxi-enforcement-shows-teeth-lifting-price-floor","0b10bf7e-4b8d-4f9a-9d9c-46a9945d2feb",{"type":599,"attrs":668},{"color":601},{"text":670,"type":596,"marks":671}," through permit issues at ",[672],{"type":599,"attrs":673},{"color":601},{"text":675,"type":596,"marks":676},"eight Yichun mines",[677,681],{"type":605,"attrs":678},{"href":679,"uuid":680,"anchor":49,"target":609,"linktype":610},"/article/eight-lithium-mines-in-yichun-jiangxi-found-to-have-permit-issues","1e7ad44a-3297-461c-8920-a0a00c5a585c",{"type":599,"attrs":682},{"color":601},{"text":684,"type":596,"marks":685},", CATL's ",[686],{"type":599,"attrs":687},{"color":601},{"text":689,"type":596,"marks":690},"Jianxiawo suspension",[691,695],{"type":605,"attrs":692},{"href":693,"uuid":694,"anchor":49,"target":609,"linktype":610},"/article/catl-suspends-operations-at-jianxiawo-mine-as-permit-expires","05b62118-3b19-42d6-a4c9-086754fa9e2c",{"type":599,"attrs":696},{"color":601},{"text":698,"type":596,"marks":699}," and the ",[700],{"type":599,"attrs":701},{"color":601},{"text":703,"type":596,"marks":704},"Jiangxi licence cancellations",[705,709],{"type":605,"attrs":706},{"href":707,"uuid":708,"anchor":49,"target":609,"linktype":610},"/article/what-do-the-recent-jiangxi-permit-cancellations-mean-for-the-lithium-industry","f1d4e410-77c1-4103-8b56-b84209e2fc88",{"type":599,"attrs":710},{"color":601},{"text":712,"type":596,"marks":713},". Per the companies' announcements, the two mines were each was licensed under ceramic-clay or porcelain categories and has been required to renew with a lithium licence, with Huashan's still pending.",[714],{"type":599,"attrs":715},{"color":601},{"type":717,"attrs":718,"content":720},"heading",{"level":719,"textAlign":49},2,[721],{"text":722,"type":596,"marks":723},"What does it mean for supply?",[724,726],{"type":599,"attrs":725},{"color":601},{"type":727},"bold",{"type":591,"attrs":729,"content":730},{"textAlign":49},[731],{"text":732,"type":596,"marks":733},"The near-term effect is to defer supply the market had been counting on, not to cut current output. Huashan already runs at a capacity of just three million tonnes of ore per year, a third of its approved nine million tonnes of ore per year, held back by an unfinished safety production permit and a pending lithium licence renewal; folding it into a merger and reclassification review pushes that ramp-up further out and pauses Jinzifeng's launch while integration completes.",[734],{"type":599,"attrs":735},{"color":601},{"type":591,"attrs":737,"content":738},{"textAlign":49},[739],{"text":740,"type":596,"marks":741},"Longer term, Benchmark views the deal as supply-additive. Removing the safety buffer zone between the two pits frees boundary ore that was previously unmineable, supporting steady output growth and \"substantial supply increments\" once approvals clear. But that hinges on a lengthy multi-agency review of the merger and lithium reclassification, and a rejection would scrap the plan entirely.",[742],{"type":599,"attrs":743},{"color":601},{"type":591,"attrs":745,"content":746},{"textAlign":49},[747],{"type":748},"hard_break","Yongxing and Canmax have announced plans to merge two adjacent lepidolite mines in Jiangxi, China's largest lithium-mica hub, in a deal Benchmark expects to delay fresh lithium supply in the near term even as it unlocks substantial output over the longer term.\n\nUnder the deal, Canmax subsidiary Yichun Shengyuan Lithium will inject its Jinzifeng mine, valued at RMB 2.7 billion (~$396 million), into Yongxing's Huaqiao Mining in exchange for a 50% stake, with both parties then applying for a single unified mining right designed for 18 million tonnes of ore per year.",[751,754],{"slug":544,"name":543,"content":752},{"job_title":557,"image":753,"bio":548,"linkedin":555,"markets_covered":8},{"filename":552},{"slug":755,"name":756,"content":757},"zoey-zuo","Zoey Zuo",{"job_title":758,"image":759,"bio":761,"linkedin":762,"markets_covered":8},"Senior Analyst - Lithium ",{"filename":760},"https://a.storyblok.com/f/287943243085208/852x854/1135fe200d/zoe-z.png","Zoey is a Senior Analyst at Benchmark Mineral Intelligence in China, leading its China lithium research. She has extensive experience in lithium mine projects, contributing to Benchmark’s lithium cost, supply-demand and price forecast models. Previously, has participated in investment and financing projects for lithium mining ventures. She led lithium market analysis collaborate with Chinese universities on joint lithium research projects  when she's in Lithium Research Institute.","https://www.linkedin.com/in/zoey-zuo-615637151/","article","What does Jinzifeng–Huashan merger mean Jiangxi lithium supply?",[766,769,772],{"slug":767,"name":768},"critical-minerals","Critical Minerals",{"slug":770,"name":771},"raw-materials","Raw Materials",{"slug":773,"name":8},"lithium","private",{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":776},{},{"id":778,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":779,"copyright":547,"fieldtype":553,"meta_data":780,"is_external_url":50},191255378945076,"https://a.storyblok.com/f/287943243085208/5616x3744/e7f5d9dd43/lepidolite-lithium-mica.jpeg",{},"Yongxing and Canmax have announced plans to merge two adjacent lepidolite mines in Jiangxi, China's largest lithium-mica hub, in a deal Benchmark expects to delay fresh lithium supply in the near term even as it unlocks substantial output longer term.","Jun 25, 2026",{"id":784,"uuid":785,"name":786,"slug":787,"full_slug":788,"content":789},178481698653196,"03f0f24b-0a8e-4114-bc7f-28fcad4b081f","Why are lithium prices expected to decline in 2027?","why-are-lithium-prices-expected-to-decline-in-2027-","article/why-are-lithium-prices-expected-to-decline-in-2027-",{"_uid":790,"date":791,"tags":792,"editor":809,"content":819,"excerpt":1088,"featured":51,"reporter":1089,"component":763,"seo_title":786,"categories":1093,"visibility":774,"data_vis_image":1096,"featured_image":1100,"seo_description":1104,"formattedDate":1105},"d1db3e25-2650-421b-b4f8-7dd2073d8675","2026-05-20 00:00",[793,794,797,800,803,806],{"slug":575,"name":576},{"slug":795,"name":796},"zimbabwe","Zimbabwe",{"slug":798,"name":799},"catl","CATL",{"slug":801,"name":802},"sigma-lithium-resources","Sigma Lithium Resources",{"slug":804,"name":805},"lithium-prices","Lithium prices",{"slug":807,"name":808},"data-visualisation","Data Visualisation",[810],{"slug":811,"name":812,"content":813},"benjamin-roche","Benjamin Roche",{"job_title":814,"image":815,"bio":817,"linkedin":818},"Editor – Energy Transition Supply Chains",{"filename":816},"https://a.storyblok.com/f/287943243085208/800x800/66d6674fb8/benjamin-roche.png","Benjamin is Benchmark's Editor for Energy Transition Supply Chains, covering both upstream products like critical minerals and downstream products including energy storage systems and electric vehicles. He has previous experience covering trade flows, tariffs and the effects of geopolitics on supply chains.","https://www.linkedin.com/in/benjaminrochecontent/",{"type":588,"content":820},[821,844,866,873,882,890,899,956,965,973,979,987,996,1025,1034,1063,1072,1080],{"type":591,"attrs":822,"content":823},{"textAlign":49},[824,829,839],{"text":825,"type":596,"marks":826},"A ",[827],{"type":599,"attrs":828},{"color":601},{"text":830,"type":596,"marks":831},"May rally",[832,837],{"type":605,"attrs":833},{"href":834,"uuid":835,"anchor":49,"target":836,"linktype":610},"/article/why-are-lithium-prices-surging-in-china-again-","80c1a819-5c60-4407-ba5d-e6a023df02b5","_blank",{"type":599,"attrs":838},{"color":601},{"text":840,"type":596,"marks":841}," has seen lithium hit $24,000/t on Benchmark’s CIF Asia assessment, and RMB193,000/t EXW China – just below the psychologically important RMB 200,000/t level. The April 2026 forward curve has market participants pricing further upside into mid-year before easing modestly into 2027.",[842],{"type":599,"attrs":843},{"color":601},{"type":591,"attrs":845,"content":846},{"textAlign":49},[847,852,861],{"text":848,"type":596,"marks":849},"Benchmark's view, however, is for a more material decline. The latest market balance shows a deficit equivalent to roughly 3% of the market in 2026, followed by a return to modest surplus from 2027 onwards. With spot prices already above Benchmark's $22/kg incentive level, the question is how quickly the ",[850],{"type":599,"attrs":851},{"color":601},{"text":853,"type":596,"marks":854},"supply response",[855,859],{"type":605,"attrs":856},{"href":857,"uuid":858,"anchor":49,"target":836,"linktype":610},"/article/chile-s-regulatory-gridlock-giving-argentina-upper-hand-on-lithium-output-growth","6d4b46da-d155-4b62-9e59-97f9c80037ab",{"type":599,"attrs":860},{"color":601},{"text":862,"type":596,"marks":863}," converts into delivered tonnes.",[864],{"type":599,"attrs":865},{"color":601},{"type":635,"attrs":867},{"id":868,"body":869},"2edabfdc-675d-4fb5-8d7c-fee8ff799fa3",[870],{"id":871,"_uid":872,"type":642,"component":643,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"29037359","i-bed0d904-e0a2-45f5-b5c2-f5fe098022b9",{"type":717,"attrs":874,"content":875},{"level":719,"textAlign":49},[876],{"text":877,"type":596,"marks":878},"Jianxiawo is the single largest driver of 2026 tightness",[879,881],{"type":599,"attrs":880},{"color":601},{"type":727},{"type":591,"attrs":883,"content":884},{"textAlign":49},[885],{"text":886,"type":596,"marks":887},"CATL's Jianxiawo operation has a nameplate capacity of 150kt LCE at full ramp by 2028, making it one of the largest single lithium assets globally. Benchmark currently models around 100kt LCE of supply from the operation in 2027 as the ramp progresses. The mine remains under Environmental Impact Assessment review with no firm restart date, and Benchmark's bearish Jiangxi outlook remains tied to politically sensitive tailings management rather than the sub-0.4% grade rumours that have circulated. The timing of resumption is the single largest swing factor in the price outlook over the next 24 months. ",[888],{"type":599,"attrs":889},{"color":601},{"type":717,"attrs":891,"content":892},{"level":719,"textAlign":49},[893],{"text":894,"type":596,"marks":895},"The other 2026 supply disruptions are temporary",[896,898],{"type":599,"attrs":897},{"color":601},{"type":727},{"type":591,"attrs":900,"content":901},{"textAlign":49},[902,914,919,928,936,941,951],{"text":903,"type":596,"marks":904},"Zimbabwe's export suspension",[905,909,912],{"type":605,"attrs":906},{"href":907,"uuid":908,"anchor":49,"target":836,"linktype":610},"/article/zimbabwe-to-lift-lithium-concentrate-export-ban-with-stringent-conditions","3a50839c-53d8-42db-ba04-0293c9018f48",{"type":599,"attrs":910},{"color":911},"#1155CC",{"type":913},"underline",{"text":915,"type":596,"marks":916}," has become a quota regime with implementation delays. Mali and Nigeria face security and port challenges.",[917],{"type":599,"attrs":918},{"color":601},{"text":920,"type":596,"marks":921}," ",[922,926],{"type":605,"attrs":923},{"href":924,"uuid":925,"anchor":49,"target":836,"linktype":610},"/article/greenbushes-downgrades-production-guidance-as-ore-grade-decline-accelerates","afd41dd3-acc7-4431-9c51-de8391eaa25b",{"type":599,"attrs":927},{"color":601},{"text":929,"type":596,"marks":930},"Greenbushes",[931,933,935],{"type":605,"attrs":932},{"href":924,"uuid":925,"anchor":49,"target":836,"linktype":610},{"type":599,"attrs":934},{"color":911},{"type":913},{"text":937,"type":596,"marks":938}," delivered a poor Q1 on lower-grade ore and a CGP3 ramp delay. Sigma's ramp at Grota do Cirilo continues to fall short of nameplate. Chinese hard-rock supply faces temporary explosives constraints. ",[939],{"type":599,"attrs":940},{"color":601},{"text":942,"type":596,"marks":943},"Sulphuric acid",[944,948,950],{"type":605,"attrs":945},{"href":946,"uuid":947,"anchor":49,"target":836,"linktype":610},"/article/china-to-potentially-ban-sulphuric-acid-exports-as-iran-war-pressures-supply","80b2b4fa-1a1a-4ed8-8906-268000529283",{"type":599,"attrs":949},{"color":911},{"type":913},{"text":952,"type":596,"marks":953}," prices are squeezing converter margins on Strait of Hormuz pressure. Benchmark forecasts most resolving through 2027.",[954],{"type":599,"attrs":955},{"color":601},{"type":717,"attrs":957,"content":958},{"level":719,"textAlign":49},[959],{"text":960,"type":596,"marks":961},"Conversion capacity is severely underutilised",[962,964],{"type":599,"attrs":963},{"color":601},{"type":727},{"type":591,"attrs":966,"content":967},{"textAlign":49},[968],{"text":969,"type":596,"marks":970},"Global chemicals conversion is running well below nameplate capacity and is the primary bottleneck for the industry.",[971],{"type":599,"attrs":972},{"color":601},{"type":635,"attrs":974},{"id":868,"body":975},[976],{"id":977,"_uid":978,"type":642,"component":643,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"29038239","i-4bc97429-d1cf-4491-8853-9d19a539d023",{"type":591,"attrs":980,"content":981},{"textAlign":49},[982],{"text":983,"type":596,"marks":984},"Supply response is forecast to come mostly in the form of hard rock, as it offers faster restart timelines, lower capital intensity, and infrastructure that survives care-and-maintenance.  Bald Hill has formally announced a restart. Ngungaju is progressing. Develop Global's direct shipping ore (DSO) project is expected to add tonnage in the near term. ",[985],{"type":599,"attrs":986},{"color":601},{"type":717,"attrs":988,"content":989},{"level":719,"textAlign":49},[990],{"text":991,"type":596,"marks":992},"Frontier supply continues to surprise",[993,995],{"type":599,"attrs":994},{"color":601},{"type":727},{"type":591,"attrs":997,"content":998},{"textAlign":49},[999,1004,1012,1020],{"text":1000,"type":596,"marks":1001},"Huayou's takeover of Ewoyaa in Ghana signals continued Chinese comfort operating in Africa. Kalangba in Sierra Leone will begin in 2027. Zijin’s Manono deposit will begin ramping up this year.",[1002],{"type":599,"attrs":1003},{"color":601},{"text":920,"type":596,"marks":1005},[1006,1010],{"type":605,"attrs":1007},{"href":1008,"uuid":1009,"anchor":49,"target":836,"linktype":610},"/article/northern-russian-lithium-mine-set-for-first-production-later-this-year","6a29bd6b-372b-4526-b3e8-76f102522617",{"type":599,"attrs":1011},{"color":601},{"text":1013,"type":596,"marks":1014},"A northern Russian mine is set for first production later this year",[1015,1017,1019],{"type":605,"attrs":1016},{"href":1008,"uuid":1009,"anchor":49,"target":836,"linktype":610},{"type":599,"attrs":1018},{"color":911},{"type":913},{"text":1021,"type":596,"marks":1022},". Mongolia is developing, with early signals from Myanmar, Mozambique, and elsewhere. This is additive supply that was not under discussion just 12 months ago.",[1023],{"type":599,"attrs":1024},{"color":601},{"type":717,"attrs":1026,"content":1027},{"level":719,"textAlign":49},[1028],{"text":1029,"type":596,"marks":1030},"China EV sales cooling",[1031,1033],{"type":599,"attrs":1032},{"color":601},{"type":727},{"type":591,"attrs":1035,"content":1036},{"textAlign":49},[1037,1042,1050,1058],{"text":1038,"type":596,"marks":1039},"Chinese domestic EV sales are down 17% YTD after the introduction of the new purchase tax and trade-in scaleback, offset by strong export performance (European share rose from 20% to 24% Jan–March) and continued battery energy stationary storage (BESS) strength. China's battery production hit 178 GWh in March, with LFP up 28% MoM. But headline strength is amplified by the",[1040],{"type":599,"attrs":1041},{"color":601},{"text":920,"type":596,"marks":1043},[1044,1048],{"type":605,"attrs":1045},{"href":1046,"uuid":49,"anchor":49,"target":49,"linktype":1047},"https://source.benchmarkminerals.com/article/how-will-chinas-vat-rebate-changes-affect-the-battery-market","url",{"type":599,"attrs":1049},{"color":601},{"text":1051,"type":596,"marks":1052},"VAT rebate",[1053,1055,1057],{"type":605,"attrs":1054},{"href":1046,"uuid":49,"anchor":49,"target":49,"linktype":1047},{"type":599,"attrs":1056},{"color":911},{"type":913},{"text":1059,"type":596,"marks":1060}," front-running ahead of the April 2026 step-down, and market participants have reported to Benchmark whispers of downstream inventory build. Underlying end-demand growth is softer than headline cell production implies.",[1061],{"type":599,"attrs":1062},{"color":601},{"type":717,"attrs":1064,"content":1065},{"level":719,"textAlign":49},[1066],{"text":1067,"type":596,"marks":1068},"What this means",[1069,1071],{"type":599,"attrs":1070},{"color":601},{"type":727},{"type":591,"attrs":1073,"content":1074},{"textAlign":49},[1075],{"text":1076,"type":596,"marks":1077},"Benchmark expects chemicals prices to ease from current levels as the supply response delivers, dipping below the incentive price before returning toward it. In line with the typical commodity cycle, prices are likely to overshoot the incentive price again on the way back up as demand growth catches the next round of supply discipline.",[1078],{"type":599,"attrs":1079},{"color":601},{"type":591,"attrs":1081,"content":1082},{"textAlign":49},[1083],{"text":1084,"type":596,"marks":1085},"The risk sits primarily with Jianxiawo; if this mine does not come back online by end 2026 or early 2027, Benchmark anticipates a delayed price correction.",[1086],{"type":599,"attrs":1087},{"color":601},"A May rally has seen lithium hit $24,000/t on Benchmark’s CIF Asia assessment, and RMB193,000/t EXW China – just below the psychologically important RMB 200,000/t level. The April 2026 forward curve has market participants pricing further upside into mid-year before easing modestly into 2027.",[1090],{"slug":544,"name":543,"content":1091},{"job_title":557,"image":1092,"bio":548,"linkedin":555,"markets_covered":8},{"filename":552},[1094,1095],{"slug":767,"name":768},{"slug":773,"name":8},{"id":1097,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":1098,"copyright":547,"fieldtype":553,"meta_data":1099,"is_external_url":50},178497099235201,"https://a.storyblok.com/f/287943243085208/721x639/e533a6880b/lithium-price-and-market-balance-to-2030.png",{},{"id":1101,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":1102,"copyright":547,"fieldtype":553,"meta_data":1103,"is_external_url":50},129064918005171,"https://a.storyblok.com/f/287943243085208/bba06393d7/bm-amg-spodumene-e1548706905420.jpg",{},"A May rally has seen lithium hit $24,000/t on Benchmark’s CIF Asia assessment, and RMB193,000/t EXW China – just below the psychologically important RMB 200,000/t level.","May 20, 2026",{"id":1107,"uuid":925,"name":1108,"slug":1109,"full_slug":1110,"content":1111},170795640460552,"Greenbushes downgrades production guidance as ore grade decline accelerates","greenbushes-downgrades-production-guidance-as-ore-grade-decline-accelerates","article/greenbushes-downgrades-production-guidance-as-ore-grade-decline-accelerates",{"_uid":1112,"date":1113,"tags":1114,"editor":1119,"content":1123,"excerpt":1290,"featured":51,"reporter":1291,"component":763,"seo_title":1304,"categories":1305,"visibility":774,"data_vis_image":1308,"featured_image":1313,"seo_description":1317,"formattedDate":1318},"bbb607d4-835f-41a3-ae24-0a0d3f6c3532","2026-04-28 00:00",[1115,1118],{"slug":1116,"name":1117},"australia","Australia",{"slug":807,"name":808},[1120],{"slug":579,"name":580,"content":1121},{"job_title":582,"image":1122,"bio":585,"linkedin":586},{"filename":584},{"type":588,"content":1124},[1125,1147,1169,1177,1185,1193,1200,1208,1216,1224,1246,1268],{"type":591,"attrs":1126,"content":1127},{"textAlign":49},[1128,1133,1142],{"text":1129,"type":596,"marks":1130},"Greenbushes, the world’s largest hard-rock lithium mine, is struggling with a structural decline in ore feed grade that is now materially impacting production and costs. IGO announced this week that ",[1131],{"type":599,"attrs":1132},{"color":601},{"text":1134,"type":596,"marks":1135},"spodumene concentrate",[1136,1140],{"type":605,"attrs":1137},{"href":1138,"uuid":1139,"anchor":49,"target":609,"linktype":610},"/article/pls-lithium-offtake-reinforces-structural-support-in-spodumene-market","16e2e235-e3d0-4ace-a37b-0aa658b63b30",{"type":599,"attrs":1141},{"color":601},{"text":1143,"type":596,"marks":1144}," output for Q1 was 351kt, prompting a full-year FY26 guidance cut to 1,375–1,425kt from 1,500–1,650kt. ",[1145],{"type":599,"attrs":1146},{"color":601},{"type":591,"attrs":1148,"content":1149},{"textAlign":49},[1150,1155,1164],{"text":1151,"type":596,"marks":1152},"Benchmark’s Q1 2026 lithium supply forecast had Greenbushes at approximately 270,000 tonnes LCE for 2026 calendar year, underpinned by 1,850kt of ",[1153],{"type":599,"attrs":1154},{"color":601},{"text":1156,"type":596,"marks":1157},"spodumene",[1158,1162],{"type":605,"attrs":1159},{"href":1160,"uuid":1161,"anchor":49,"target":609,"linktype":610},"/article/direct-spodumene-hedging-becomes-essential-amid-lithium-market-decoupling","f6fa2b9c-6960-4bfa-bfb7-758daa9e8043",{"type":599,"attrs":1163},{"color":601},{"text":1165,"type":596,"marks":1166}," concentrate across the year. The March quarter result, and the likelihood of a softer Q2, means the first half of 2026 is now tracking approximately 170kt SC below our forecast, equivalent to a shortfall of roughly 25,000 tonnes LCE.",[1167],{"type":599,"attrs":1168},{"color":601},{"type":717,"attrs":1170,"content":1171},{"level":719,"textAlign":49},[1172],{"text":1173,"type":596,"marks":1174},"Ore grade has fallen ~37% in three years",[1175],{"type":599,"attrs":1176},{"color":601},{"type":591,"attrs":1178,"content":1179},{"textAlign":49},[1180],{"text":1181,"type":596,"marks":1182},"The average ore grade has declined from an average of ~4% in the 1980s, to 2.7% Li2O in 2023, to just 1.64% in Q1 2026. Lower grades mean more ore processed for the same concentrate output, pushing unit cash costs to $326/t (cash costs were just $197/t average in 2023).",[1183],{"type":599,"attrs":1184},{"color":601},{"type":591,"attrs":1186,"content":1187},{"textAlign":49},[1188],{"text":1189,"type":596,"marks":1190},"IGO noted grade was a particular issue at the older CGP1 and CGP2 plants. CGP3, which came online in December 2025, performed well as it was designed to process lower grade ore. The mine’s proximity to the town of Greenbushes (~3km) and legacy infrastructure from over a century of mining constrains pit sequencing and access to higher-grade zones.",[1191],{"type":599,"attrs":1192},{"color":601},{"type":635,"attrs":1194},{"id":1195,"body":1196},"8f2dc552-9208-4742-a0a7-00efb6410ce2",[1197],{"id":1198,"_uid":1199,"type":642,"component":643,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"28736008","i-8e4ceaa9-d5fd-47b7-aa05-a01cdc7c8c27",{"type":717,"attrs":1201,"content":1202},{"level":719,"textAlign":49},[1203],{"text":1204,"type":596,"marks":1205},"What impact could this have on incentive pricing?",[1206],{"type":599,"attrs":1207},{"color":601},{"type":591,"attrs":1209,"content":1210},{"textAlign":49},[1211],{"text":1212,"type":596,"marks":1213},"The grade decline at Greenbushes has both structural and cyclical components. Even with CGP3 ramping up well, head grades and recoveries through the older plants will drop materially over the coming years.",[1214],{"type":599,"attrs":1215},{"color":601},{"type":591,"attrs":1217,"content":1218},{"textAlign":49},[1219],{"text":1220,"type":596,"marks":1221},"Average mined grades this far below reserve grades are unlikely to persist through the medium term. However, given operational performance through previous quarters, a bet on a decisive reversal in 2026 would be risky. Assuming continued favourable CGP3 performance, guidance implies only marginal improvement out of CGP 1 & 2 through the June quarter.",[1222],{"type":599,"attrs":1223},{"color":601},{"type":591,"attrs":1225,"content":1226},{"textAlign":49},[1227,1232,1241],{"text":1228,"type":596,"marks":1229},"At $326/t, Greenbushes remains well below the current $2,407/tonne ",[1230],{"type":599,"attrs":1231},{"color":601},{"text":1233,"type":596,"marks":1234},"SC6 spot price",[1235,1239],{"type":605,"attrs":1236},{"href":1237,"uuid":1238,"anchor":49,"target":609,"linktype":610},"/article/volatile-yet-robust-lithium-q1-2026-price-review","fd98e9b3-113b-4179-b249-104c9389ba9f",{"type":599,"attrs":1240},{"color":601},{"text":1242,"type":596,"marks":1243},". But rising costs at the industry’s lowest-cost producer shift the entire cost curve upward, reinforcing Benchmark’s view on the incentive price needed to bring new supply online.",[1244],{"type":599,"attrs":1245},{"color":601},{"type":591,"attrs":1247,"content":1248},{"textAlign":49},[1249,1254,1263],{"text":1250,"type":596,"marks":1251},"Benchmark expects to revise the 2026 LCE estimate for Greenbushes from 270kt toward ~245kt in the coming update. This will offer significant support to pricing, given that the 2026 lithium market is ",[1252],{"type":599,"attrs":1253},{"color":601},{"text":1255,"type":596,"marks":1256},"already short of feedstock",[1257,1261],{"type":605,"attrs":1258},{"href":1259,"uuid":1260,"anchor":49,"target":609,"linktype":610},"/article/restart-of-catls-jianxiawo-lithium-mine-may-be-delayed-tightening-balance","e310a60b-1914-4b56-b78d-8646c714f378",{"type":599,"attrs":1262},{"color":601},{"text":1264,"type":596,"marks":1265}," in a wider ~32kt LCE deficit chemicals market.",[1266],{"type":599,"attrs":1267},{"color":601},{"type":591,"attrs":1269,"content":1270},{"textAlign":49},[1271,1276,1285],{"text":1272,"type":596,"marks":1273},"The tight feedstock market has already contributed to bullish spodumene ",[1274],{"type":599,"attrs":1275},{"color":601},{"text":1277,"type":596,"marks":1278},"price movements",[1279,1283],{"type":605,"attrs":1280},{"href":1281,"uuid":1282,"anchor":49,"target":609,"linktype":610},"/videos/q1-2026-lithium-price-drivers","f2a03280-94b9-4549-981c-dfee20cbecf2",{"type":599,"attrs":1284},{"color":601},{"text":1286,"type":596,"marks":1287},", with Benchmark’s FOB Australia Spodumene Concentrate (6.0%) grade up 54.6% so far in 2026. With the prospect of continued grade and recovery declines, the narrow ~32kt LCE surplus in 2027 may also tighten and offer pricing uplift then too.",[1288],{"type":599,"attrs":1289},{"color":601},"Greenbushes, the world’s largest hard-rock lithium mine, is struggling with a structural decline in ore feed grade that is now materially impacting production and costs. IGO announced this week that spodumene concentrate output for Q1 was 351kt, prompting a full-year FY26 guidance cut to 1,375–1,425kt from 1,500–1,650kt. \n\nBenchmark’s Q1 2026 lithium supply forecast had Greenbushes at approximately 270,000 tonnes LCE for 2026 calendar year, underpinned by 1,850kt of spodumene concentrate across the year. The March quarter result, and the likelihood of a softer Q2, means the first half of 2026 is now tracking approximately 170kt SC below our forecast, equivalent to a shortfall of roughly 25,000 tonnes LCE.",[1292,1295],{"slug":544,"name":543,"content":1293},{"job_title":557,"image":1294,"bio":548,"linkedin":555,"markets_covered":8},{"filename":552},{"slug":1296,"name":1297,"content":1298},"luc-braun","Luc Braun",{"job_title":1299,"image":1300,"bio":1302,"linkedin":1303,"markets_covered":8},"Analyst - Lithium",{"filename":1301},"https://a.storyblok.com/f/287943243085208/512x512/6f1a6949aa/luc-braun.jpeg","Luc is an analyst at Benchmark Mineral Intelligence focused on lithium supply, costs, and supply chains. Luc has a background in market analysis and research from previous roles where he covered nickel, deep seabed mining, and telecommunications. Luc holds an MPhys in Theoretical Physics from the University of Leeds.","https://www.linkedin.com/in/lucbraun/","Greenbushes downgrades production guidance as ore grade declines",[1306,1307],{"slug":767,"name":768},{"slug":773,"name":8},{"id":1309,"alt":1310,"name":547,"focus":547,"title":547,"source":547,"filename":1311,"copyright":547,"fieldtype":553,"meta_data":1312,"is_external_url":50},170796773099755,"Greenbushes ore grade is in decline","https://a.storyblok.com/f/287943243085208/1300x1454/e16a41265d/greenbushes-ore-grade-and-sc-production-2x.png",{"alt":1310,"title":547,"source":547,"copyright":547},{"id":1314,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":1315,"copyright":547,"fieldtype":553,"meta_data":1316,"is_external_url":50},129068074765385,"https://a.storyblok.com/f/287943243085208/c87716240e/bm-greenbushes-1.jpg",{},"Greenbushes, the world’s largest hard-rock lithium mine, is struggling with a structural decline in ore feed grade that is now materially impacting production and costs.","Apr 28, 2026",{"id":1320,"uuid":1321,"name":1322,"slug":1323,"full_slug":1324,"content":1325},166142087915311,"ac84d8a2-c5ff-4605-b178-01e220567c7e","Lithium feedstock concerns over Nigeria port, security challenges","lithium-feedstock-concerns-over-nigeria-port-security-challenges","article/lithium-feedstock-concerns-over-nigeria-port-security-challenges",{"_uid":1326,"date":1327,"tags":1328,"editor":1336,"content":1340,"excerpt":1432,"featured":51,"reporter":1433,"component":763,"seo_title":1322,"categories":1437,"visibility":1440,"data_vis_image":1441,"featured_image":1445,"seo_description":1449,"formattedDate":1450},"945020a5-3975-43dd-9795-51f750e30878","2026-04-15 00:00",[1329,1332,1334,1335],{"slug":1330,"name":1331},"africa","Africa",{"slug":1156,"name":1333},"Spodumene",{"slug":795,"name":796},{"slug":807,"name":808},[1337],{"slug":811,"name":812,"content":1338},{"job_title":814,"image":1339,"bio":817,"linkedin":818},{"filename":816},{"type":588,"content":1341},[1342,1356,1364,1374,1381,1386,1393,1398,1403],{"type":591,"attrs":1343,"content":1344},{"textAlign":49},[1345,1347,1354],{"text":1346,"type":596},"Port congestion at Lagos, licence fee increases, and a deteriorating security environment in northwest Nigeria are constraining ",{"text":1348,"type":596,"marks":1349},"spodumene concentrate exports",[1350],{"type":605,"attrs":1351},{"href":1352,"uuid":1353,"anchor":49,"target":836,"linktype":610},"/article/africas-growing-role-in-global-battery-supply-chains-key-takeaways-from-giga-africa-2025","3441c7f3-d37b-41c9-96b8-d1c412e9fddd",{"text":1355,"type":596}," to China.",{"type":717,"attrs":1357,"content":1359},{"level":1358,"textAlign":49},1,[1360],{"text":1361,"type":596,"marks":1362},"Port capacity strained",[1363],{"type":727},{"type":591,"attrs":1365,"content":1366},{"textAlign":49},[1367,1372],{"text":1368,"type":596,"marks":1369},"Q1 2026",[1370],{"type":605,"attrs":1371},{"href":1237,"uuid":1238,"anchor":49,"target":836,"linktype":610},{"text":1373,"type":596}," shipments are tracking well below Nigeria’s mining and concentrating capacity, with market participants pointing to a structural trade imbalance at Lagos as the primary bottleneck. Terminal operators there have periodically suspended the reception of returned empty containers, citing saturated yard space.",{"type":635,"attrs":1375},{"id":1376,"body":1377},"900cede5-e568-4108-bb48-748353d23625",[1378],{"id":1379,"_uid":1380,"type":642,"component":643,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"28533845","i-814d2a89-f17d-435e-baf0-1fa41f22cf95",{"type":591,"attrs":1382,"content":1383},{"textAlign":49},[1384],{"text":1385,"type":596},"Nigeria's 2026 Fiscal Policy Measures, signed on 1st April, cut import duties across 127 tariff lines, which has increased inbound container volumes and worsened already strained port capacity. ",{"type":717,"attrs":1387,"content":1388},{"level":1358,"textAlign":49},[1389],{"text":1390,"type":596,"marks":1391},"Security concerns around lithium sites",[1392],{"type":727},{"type":591,"attrs":1394,"content":1395},{"textAlign":49},[1396],{"text":1397,"type":596},"Additionally, significant fee hikes for exploration and mining licences reduced small-scale legal mining in 2025, while the Canmax-supported Three Crown Mines in Kebbi was closed over illegal mining allegations.",{"type":591,"attrs":1399,"content":1400},{"textAlign":49},[1401],{"text":1402,"type":596},"In the north of the country, the security environment has deteriorated, and the Islamic State-linked Lakurawa group has carried out attacks, particularly around Lake Kainji, where several lithium projects are located. Benchmark's base case remains that these projects will proceed, but the concentration of future capacity near active conflict zones warrants monitoring.",{"type":591,"attrs":1404,"content":1405},{"textAlign":49},[1406,1408,1414,1416,1423,1425,1430],{"text":1407,"type":596},"Nigerian export constraints add to an already ",{"text":1409,"type":596,"marks":1410},"tightening global feedstock picture",[1411],{"type":605,"attrs":1412},{"href":1413,"uuid":49,"anchor":49,"target":836,"linktype":1047},"https://intelligence.benchmarkminerals.com/publications/special-issues/powering-the-transition-africas-critical-mineral-moment",{"text":1415,"type":596},". Benchmark's 2026 ",{"text":1417,"type":596,"marks":1418},"feedstock balance",[1419],{"type":605,"attrs":1420},{"href":1421,"uuid":1422,"anchor":49,"target":836,"linktype":610},"/article/africa-sees-largest-lithium-supply-growth-of-any-region-in-2025","d23cb2d3-7543-4bd4-b9a8-4bd5592bad0a",{"text":1424,"type":596}," estimates a concentrate deficit of approximately 107 kt LCE, with ",{"text":1426,"type":596,"marks":1427},"Zimbabwe's ongoing export suspension",[1428],{"type":605,"attrs":1429},{"href":907,"uuid":908,"anchor":49,"target":836,"linktype":610},{"text":1431,"type":596}," and Jiangxi's regulatory tightening also reducing supply responsiveness. At a 3.25% grade assumption, Nigerian exports currently annualise to around 85 kt LCE, approximately 17 kt below Benchmark's forecast of 103 kt.","Port congestion at Lagos, licence fee increases, and a deteriorating security environment in northwest Nigeria are constraining spodumene concentrate exports to China.\n\nQ1 2026 shipments are tracking well below Nigeria’s mining and concentrating capacity, with market participants pointing to a structural trade imbalance at Lagos as the primary bottleneck. Terminal operators there have periodically suspended the reception of returned empty containers, citing saturated yard space.",[1434],{"slug":544,"name":543,"content":1435},{"job_title":557,"image":1436,"bio":548,"linkedin":555,"markets_covered":8},{"filename":552},[1438,1439],{"slug":773,"name":8},{"slug":767,"name":768},"public",{"id":1442,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":1443,"copyright":547,"fieldtype":553,"meta_data":1444,"is_external_url":50},166146071444969,"https://a.storyblok.com/f/287943243085208/793x693/4320c42778/hard-rock-lithium-2026.png",{},{"id":1446,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":1447,"copyright":547,"fieldtype":553,"meta_data":1448,"is_external_url":50},166145142222100,"https://a.storyblok.com/f/287943243085208/5341x3561/6b2c6211f5/nigeria.jpg",{},"Port congestion at Lagos, licence fee increases, and a deteriorating security environment in northwest Nigeria are constraining spodumene concentrate exports to China.","Apr 15, 2026",{"id":1452,"uuid":908,"name":1453,"slug":1454,"full_slug":1455,"content":1456},163681851563381,"Zimbabwe to lift lithium concentrate export ban with stringent conditions","zimbabwe-to-lift-lithium-concentrate-export-ban-with-stringent-conditions","article/zimbabwe-to-lift-lithium-concentrate-export-ban-with-stringent-conditions",{"_uid":1457,"date":1458,"tags":1459,"editor":1465,"content":1469,"excerpt":1689,"featured":51,"reporter":1690,"component":763,"seo_title":1700,"categories":1701,"visibility":774,"data_vis_image":1704,"featured_image":1706,"seo_description":1710,"formattedDate":1711},"b9a756c4-c5cf-4200-a544-31bb0c986047","2026-04-08 00:00",[1460,1461,1462],{"slug":795,"name":796},{"slug":1330,"name":1331},{"slug":1463,"name":1464},"export-restrictions","Export restrictions",[1466],{"slug":811,"name":812,"content":1467},{"job_title":814,"image":1468,"bio":817,"linkedin":818},{"filename":816},{"type":588,"content":1470},[1471,1493,1501,1509,1516,1525,1533,1541,1563,1571,1579,1587,1595,1603,1612,1641,1675,1681],{"type":591,"attrs":1472,"content":1473},{"textAlign":49},[1474,1479,1488],{"text":1475,"type":596,"marks":1476},"On 2nd April, Zimbabwe's Minister of Mines and Mining Development outlined the prerequisite conditions for lifting the country's ",[1477],{"type":599,"attrs":1478},{"color":601},{"text":1480,"type":596,"marks":1481},"ban on lithium concentrate exports",[1482,1486],{"type":605,"attrs":1483},{"href":1484,"uuid":1485,"anchor":49,"target":609,"linktype":610},"/article/zimbabwe-suspends-lithium-concentrate-exports","604f5243-5659-4cc3-bbe4-a982e1bb429e",{"type":599,"attrs":1487},{"color":601},{"text":1489,"type":596,"marks":1490},", signalling a potential thaw in the export suspension imposed in February 2026. The move reflects the government's intent to unlock value from the sector while enforcing strict domestic beneficiation requirements and operational standards.",[1491],{"type":599,"attrs":1492},{"color":601},{"type":591,"attrs":1494,"content":1495},{"textAlign":49},[1496],{"text":1497,"type":596,"marks":1498},"The conditions, detailed in a letter to the Chamber of Mines, represent a high bar for operators and reveal significant friction points between Zimbabwe's policy ambitions and the economics facing miners and converters.",[1499],{"type":599,"attrs":1500},{"color":601},{"type":591,"attrs":1502,"content":1503},{"textAlign":49},[1504],{"text":1505,"type":596,"marks":1506},"Additionally, the letter notes that future investments in the lithium sector will have conditions applied on a case-by-case basis.",[1507],{"type":599,"attrs":1508},{"color":601},{"type":635,"attrs":1510},{"id":1511,"body":1512},"861211f7-2b3e-4f20-b4e3-a42eee8b191e",[1513],{"id":1514,"_uid":1515,"type":642,"component":643,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"28420451","i-48361e33-ccf5-4216-9662-2ad7de27ce0d",{"type":717,"attrs":1517,"content":1518},{"level":719,"textAlign":49},[1519],{"text":1520,"type":596,"marks":1521},"The sulphate bottleneck",[1522,1524],{"type":599,"attrs":1523},{"color":601},{"type":727},{"type":591,"attrs":1526,"content":1527},{"textAlign":49},[1528],{"text":1529,"type":596,"marks":1530},"The most consequential condition is the January 2027 deadline for sulphate plant establishment. This sits at the heart of Zimbabwe's value-chain capture strategy, yet creates substantial operational and financial friction.",[1531],{"type":599,"attrs":1532},{"color":601},{"type":591,"attrs":1534,"content":1535},{"textAlign":49},[1536],{"text":1537,"type":596,"marks":1538},"Three plants with combined capacity of approximately 185kt lithium sulphate (equivalent to ~107 kt LCE) are currently under construction or in planning across the country. Huayou's Arcadia plant began limited production in December 2025; Bikita and Kamativi projects remain in earlier stages. Meeting a January 2027 commissioning deadline will be difficult, if not impossible. Through 2027 and 2028, sulphate production is expected to consume around 20% of mined supply. ",[1539],{"type":599,"attrs":1540},{"color":601},{"type":591,"attrs":1542,"content":1543},{"textAlign":49},[1544,1549,1558],{"text":1545,"type":596,"marks":1546},"Given the planned ",[1547],{"type":599,"attrs":1548},{"color":601},{"text":1550,"type":596,"marks":1551},"spodumene concentrate export ban taking effect in 2027",[1552,1556],{"type":605,"attrs":1553},{"href":1554,"uuid":1555,"anchor":49,"target":609,"linktype":610},"/article/zimbabwe-to-ban-lithium-concentrate-exports-from-2027","2cb67dd2-7bf1-4398-bff8-512fa146020d",{"type":599,"attrs":1557},{"color":601},{"text":1559,"type":596,"marks":1560},", further negotiations between the government and miners participants will be necessary to strike a balance between government objectives and practical implementability. ",[1561],{"type":599,"attrs":1562},{"color":601},{"type":591,"attrs":1564,"content":1565},{"textAlign":49},[1566],{"text":1567,"type":596,"marks":1568},"\"Although negotiations are progressing relatively smoothly so far, We expect some tension between the government and companies to persist,\" said Zoey Zuo, a senior lithium analyst at Benchmark. \"Therefore, even if some consensus is reached in the short term, risk of future disruption is not eliminated entirely.\"",[1569],{"type":599,"attrs":1570},{"color":601},{"type":591,"attrs":1572,"content":1573},{"textAlign":49},[1574],{"text":1575,"type":596,"marks":1576},"Friction points remain somewhat fundamental – miners do not see favourable economics in establishing sulphate plants, at least not for their higher grade spodumene concentrates. Reagent logistics and power costs and reliability are the main limiting factors.",[1577],{"type":599,"attrs":1578},{"color":601},{"type":591,"attrs":1580,"content":1581},{"textAlign":49},[1582],{"text":1583,"type":596,"marks":1584},"Plans to forgo beneficiation of lower-grade petalite ore and to convert it directly into lithium sulphate could, on the other hand, positively impact margins. However, this option is not viewed as favourable by the Zimbabwean government on account of lowered tax revenues on a relatively lower grade sulphate product compared to concentrate-derived material.",[1585],{"type":599,"attrs":1586},{"color":601},{"type":591,"attrs":1588,"content":1589},{"textAlign":49},[1590],{"text":1591,"type":596,"marks":1592},"Uncertainty also remains around the specifics of the quota system, whether this would be a longer-term arrangement such as seen in Indonesia’s RKAB ore quota system, or whether export quotas might be a measure linked to miners’ progress on sulphate capacity. ",[1593],{"type":599,"attrs":1594},{"color":601},{"type":591,"attrs":1596,"content":1597},{"textAlign":49},[1598],{"text":1599,"type":596,"marks":1600},"Clarity on what the export ban would mean for small-scale miners and new major green- and brownfield expansions is also lacking. To what extent, and on what terms, would new producers be required or allowed to engage existing sulphate plants to convert concentrates is also unclear. Such a system could create complex dynamics; converters face squeezed economics; miners encounter rising processing costs; idle petalite capacity cannot easily be monetised if sulphate plants cannot absorb it; greenfield developers, already managing reduced margins on quota-constrained volumes, face further pressure.",[1601],{"type":599,"attrs":1602},{"color":601},{"type":717,"attrs":1604,"content":1605},{"level":719,"textAlign":49},[1606],{"text":1607,"type":596,"marks":1608},"Global context and market impact",[1609,1611],{"type":599,"attrs":1610},{"color":601},{"type":727},{"type":591,"attrs":1613,"content":1614},{"textAlign":49},[1615,1624,1629,1636],{"text":1616,"type":596,"marks":1617},"Zimbabwe accounts",[1618,1622],{"type":605,"attrs":1619},{"href":1620,"uuid":1621,"anchor":49,"target":609,"linktype":610},"/article/zimbabwe-africas-lithium-heartland","55306705-148d-46f7-ab80-27437cd2ac45",{"type":599,"attrs":1623},{"color":601},{"text":1625,"type":596,"marks":1626}," for a significant portion of emerging ",[1627],{"type":599,"attrs":1628},{"color":601},{"text":1630,"type":596,"marks":1631},"African lithium supply",[1632,1634],{"type":605,"attrs":1633},{"href":1421,"uuid":1422,"anchor":49,"target":609,"linktype":610},{"type":599,"attrs":1635},{"color":601},{"text":1637,"type":596,"marks":1638},". The conditional lifting of lithium export restrictions, sit within broader efforts on the continent to capture downstream value.",[1639],{"type":599,"attrs":1640},{"color":601},{"type":591,"attrs":1642,"content":1643},{"textAlign":49},[1644,1649,1658,1663,1670],{"text":1645,"type":596,"marks":1646},"Aggressive signalling, supply disruptions, and delays could have asymmetric impacts on ",[1647],{"type":599,"attrs":1648},{"color":601},{"text":1650,"type":596,"marks":1651},"spot-pricing",[1652,1656],{"type":605,"attrs":1653},{"href":1654,"uuid":1655,"anchor":49,"target":609,"linktype":610},"/article/deja-vu-in-battery-raw-materials-is-the-2021-playbook-repeating-","d935e80b-5abf-484c-a751-e698ccaf6e18",{"type":599,"attrs":1657},{"color":601},{"text":1659,"type":596,"marks":1660}," and short-term decision-making in a market in a market burned by ",[1661],{"type":599,"attrs":1662},{"color":601},{"text":1664,"type":596,"marks":1665},"erroneous expectations of Jiangxi disruption timelines",[1666,1668],{"type":605,"attrs":1667},{"href":1259,"uuid":1260,"anchor":49,"target":609,"linktype":610},{"type":599,"attrs":1669},{"color":601},{"text":1671,"type":596,"marks":1672}," in 2025, the tight lithium market balance, and long lead times for Zimbabwean material.",[1673],{"type":599,"attrs":1674},{"color":601},{"type":635,"attrs":1676},{"id":1511,"body":1677},[1678],{"id":1679,"_uid":1680,"type":642,"component":643,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"28420017","i-3944c19f-0b39-4fbe-a013-cdb3f4487a59",{"type":591,"attrs":1682,"content":1683},{"textAlign":49},[1684],{"text":1685,"type":596,"marks":1686},"The conditions framework also signals Zimbabwe's willingness to use export controls as leverage for industrial development, a precedent with implications for investor confidence and capital allocation into Zimbabwe and other countries eyeing local value-add policies.",[1687],{"type":599,"attrs":1688},{"color":601},"On 2nd April, Zimbabwe's Minister of Mines and Mining Development outlined the prerequisite conditions for lifting the country's ban on lithium concentrate exports, signalling a potential thaw in the export suspension imposed in February 2026. The move reflects the government's intent to unlock value from the sector while enforcing strict domestic beneficiation requirements and operational standards.\n\nThe conditions, detailed in a letter to the Chamber of Mines, represent a high bar for operators and reveal significant friction points between Zimbabwe's policy ambitions and the economics facing miners and converters.",[1691,1694,1697],{"slug":544,"name":543,"content":1692},{"job_title":557,"image":1693,"bio":548,"linkedin":555,"markets_covered":8},{"filename":552},{"slug":755,"name":756,"content":1695},{"job_title":758,"image":1696,"bio":761,"linkedin":762,"markets_covered":8},{"filename":760},{"slug":1296,"name":1297,"content":1698},{"job_title":1299,"image":1699,"bio":1302,"linkedin":1303,"markets_covered":8},{"filename":1301},"Zimbabwe to lift lithium concentrate export ban with conditions",[1702,1703],{"slug":773,"name":8},{"slug":767,"name":768},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":1705},{},{"id":1707,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":1708,"copyright":547,"fieldtype":553,"meta_data":1709,"is_external_url":50},129065092576793,"https://a.storyblok.com/f/287943243085208/554e369eb1/bm-arcadia-mine-zimbabwe.jpg",{},"On 2nd April, Zimbabwe's Minister of Mines and Mining Development outlined the prerequisite conditions for lifting the country's ban on lithium concentrate exports, signalling a potential thaw in the export suspension imposed in February 2026.","Apr 08, 2026",{"id":1713,"uuid":1714,"name":1715,"slug":1716,"full_slug":1717,"content":1718},146752157255058,"0a24f1ec-69aa-416d-8eaf-e89f55bae6c2","What does Albemarle’s idling of Kemerton mean for Australia's lithium outlook?","what-does-albemarle-s-idling-of-kemerton-mean-for-australia-s-lithium-outlook-","article/what-does-albemarle-s-idling-of-kemerton-mean-for-australia-s-lithium-outlook-",{"_uid":1719,"date":1720,"tags":1721,"editor":1727,"content":1731,"excerpt":1934,"featured":51,"reporter":1935,"component":763,"seo_title":1939,"categories":1940,"visibility":774,"data_vis_image":1943,"featured_image":1945,"seo_description":1949,"formattedDate":1950},"713d3573-c124-4fe3-bcf7-8883de3fc8c2","2026-02-19 00:00",[1722,1725,1726],{"slug":1723,"name":1724},"albemarle","Albemarle",{"slug":1116,"name":1117},{"slug":572,"name":573},[1728],{"slug":579,"name":580,"content":1729},{"job_title":582,"image":1730,"bio":585,"linkedin":586},{"filename":584},{"type":588,"content":1732},[1733,1755,1791,1799,1806,1814,1822,1858,1866,1874,1882,1890,1898,1906,1914,1922,1930],{"type":591,"attrs":1734,"content":1735},{"textAlign":49},[1736,1741,1750],{"text":1737,"type":596,"marks":1738},"Albemarle plans to idle its 25ktpa capacity Kemerton lithium hydroxide processing plant in ",[1739],{"type":599,"attrs":1740},{"color":601},{"text":1742,"type":596,"marks":1743},"Western Australia",[1744,1748],{"type":605,"attrs":1745},{"href":1746,"uuid":1747,"anchor":49,"target":609,"linktype":610},"/article/what-does-labors-australian-election-victory-mean-for-critical-minerals-and-evs","e8f13061-ae86-4f61-bc9b-5c935829b61a",{"type":599,"attrs":1749},{"color":601},{"text":1751,"type":596,"marks":1752},", citing “challenges facing Western hard-rock lithium conversion operations”.",[1753],{"type":599,"attrs":1754},{"color":601},{"type":591,"attrs":1756,"content":1757},{"textAlign":49},[1758,1763,1772,1777,1786],{"text":1759,"type":596,"marks":1760},"Kemerton ",[1761],{"type":599,"attrs":1762},{"color":601},{"text":1764,"type":596,"marks":1765},"processes spodumene",[1766,1770],{"type":605,"attrs":1767},{"href":1768,"uuid":1769,"anchor":49,"target":609,"linktype":610},"/article/australia-looks-to-production-tax-credits-to-incentivise-processing-build-out","fe4b8b43-46c6-467e-b1d1-9a67a966de3d",{"type":599,"attrs":1771},{"color":601},{"text":1773,"type":596,"marks":1774}," from Albemarle’s Greenbushes mine into lithium hydroxide. In 2025, it produced an estimated 7.5kt LCE and was forecast to produce 22kt LCE in 2026. ",[1775],{"type":599,"attrs":1776},{"color":601},{"text":1778,"type":596,"marks":1779},"Expansions",[1780,1784],{"type":605,"attrs":1781},{"href":1782,"uuid":1783,"anchor":49,"target":609,"linktype":610},"/article/albemarle-plans-to-double-kemerton-hydroxide-capacity-as-australian-lithium-chemical-production-ramps-up","8882b7d3-3d5c-4d94-bc97-609778b8b1fa",{"type":599,"attrs":1785},{"color":601},{"text":1787,"type":596,"marks":1788}," planned for 2029 could have added 75ktpa capacity.",[1789],{"type":599,"attrs":1790},{"color":601},{"type":591,"attrs":1792,"content":1793},{"textAlign":49},[1794],{"text":1795,"type":596,"marks":1796},"The idling of Kemerton materially weakens the near-term outlook for Australian lithium chemical refining as Kemerton was forecast to account for 46% of the country’s lithium chemical output in 2026 and had the potential to increase this to 49% by 2036.",[1797],{"type":599,"attrs":1798},{"color":601},{"type":635,"attrs":1800},{"id":1801,"body":1802},"471a2c9b-a228-498a-ae45-62650b50911e",[1803],{"id":1804,"_uid":1805,"type":642,"component":643,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"27698610","i-08dce1d2-437a-4fe0-aa4e-6d3d38ab4eb7",{"type":591,"attrs":1807,"content":1808},{"textAlign":49},[1809],{"text":1810,"type":596,"marks":1811},"The announcement increases scrutiny on Australia’s broader refining ambitions. The Tianqi/IGO Kwinana refinery has faced multi-year commissioning challenges, cost overruns and operating losses, operating below design capacity for extended periods. In addition, continued growth in LFP cathode demand supports lithium carbonate more directly than lithium hydroxide, further compressing incentives for hydroxide capacity outside established hubs.",[1812],{"type":599,"attrs":1813},{"color":601},{"type":717,"attrs":1815,"content":1816},{"level":719,"textAlign":49},[1817],{"text":1818,"type":596,"marks":1819},"How does this impact Albemarle’s overall lithium operations?",[1820],{"type":599,"attrs":1821},{"color":601},{"type":591,"attrs":1823,"content":1824},{"textAlign":49},[1825,1830,1839,1844,1853],{"text":1826,"type":596,"marks":1827},"Prior to the announcement, Albemarle was forecast to produce ~192kt LCE of lithium chemicals across operations in China, ",[1828],{"type":599,"attrs":1829},{"color":601},{"text":1831,"type":596,"marks":1832},"Chile",[1833,1837],{"type":605,"attrs":1834},{"href":1835,"uuid":1836,"anchor":49,"target":609,"linktype":610},"/article/lithium-prices-react-to-news-of-chilean-shutdown-but-real-supply-impact-may-be-limited","71b94b51-59c4-4312-b0f7-d9f7a94f1d4d",{"type":599,"attrs":1838},{"color":601},{"text":1840,"type":596,"marks":1841},", Australia and the ",[1842],{"type":599,"attrs":1843},{"color":601},{"text":1845,"type":596,"marks":1846},"US",[1847,1851],{"type":605,"attrs":1848},{"href":1849,"uuid":1850,"anchor":49,"target":609,"linktype":610},"/article/twenty-fold-increase-in-us-lithium-chemical-production-forecast-by-2035","418b35bc-dd2f-4154-9ce0-58fcefd2aa39",{"type":599,"attrs":1852},{"color":601},{"text":1854,"type":596,"marks":1855},". Kemerton, its only Australian chemicals operations, accounted for 11% of this. China was set to account for 51% of the group’s chemical output.",[1856],{"type":599,"attrs":1857},{"color":601},{"type":591,"attrs":1859,"content":1860},{"textAlign":49},[1861],{"text":1862,"type":596,"marks":1863},"By 2036, Albemarle had the potential to reach 375kt of chemical production with Kemerton accounting for 23% of this, assuming it succeeded in delivering the asset’s planned expansions – a feat that had been looking increasingly unlikely in recent quarters.",[1864],{"type":599,"attrs":1865},{"color":601},{"type":717,"attrs":1867,"content":1868},{"level":719,"textAlign":49},[1869],{"text":1870,"type":596,"marks":1871},"Could shipping concentrate to China be more cost effective than converting in Australia?",[1872],{"type":599,"attrs":1873},{"color":601},{"type":591,"attrs":1875,"content":1876},{"textAlign":49},[1877],{"text":1878,"type":596,"marks":1879},"According to Benchmark’s Conversion Cost Calculator, Chinese conversion costs for lithium hydroxide range from $3–4/kg. While Albemarle does not disclose asset-specific OPEX figures, it did cite a $4–5/kg difference in cost structures between China and Western Australia in recent disclosures. As a point of comparison, conversion costs at IGO and Tianqi’s troubled Kwinana plant averaged $11.4/kg over 2025 providing another point of comparison to highlight the challenges faced by Western Australian converters. This material cost gap versus established Chinese converters reflects higher labour, energy, waste management, and reagent inputs.",[1880],{"type":599,"attrs":1881},{"color":601},{"type":591,"attrs":1883,"content":1884},{"textAlign":49},[1885],{"text":1886,"type":596,"marks":1887},"Albemarle operates integrated conversion facilities in China with established operating expertise and lower unit costs. Under current market conditions, allocating Australian spodumene into lower-cost integrated hubs improves group-level margin optimisation.",[1888],{"type":599,"attrs":1889},{"color":601},{"type":591,"attrs":1891,"content":1892},{"textAlign":49},[1893],{"text":1894,"type":596,"marks":1895},"With spodumene around ~US$2,000/t SC6, lithium carbonate at ~US$18,000/t and lithium hydroxide at ~US$16,000/t, upstream concentrate economics remain robust, though the available chemical margin appears better captured in lower-cost jurisdictions, particularly where conversion is integrated with upstream supply.",[1896],{"type":599,"attrs":1897},{"color":601},{"type":591,"attrs":1899,"content":1900},{"textAlign":49},[1901],{"text":1902,"type":596,"marks":1903},"Assuming an overall $4–6/kg discount to Australian conversion, US$100m in savings would be realised after 17–25kt of lithium hydroxide production at its Chinese operations versus Kemerton. Shipping spodumene concentrate from Albemarle’s Greenbushes plant to its Chinese operations instead of refining locally would add only around $0.5–1/kg to final product costs. These potential savings make for a compelling case for Albemarle’s decision, even considering a US$150-250m bill for idling the Kemerton plant.",[1904],{"type":599,"attrs":1905},{"color":601},{"type":717,"attrs":1907,"content":1908},{"level":719,"textAlign":49},[1909],{"text":1910,"type":596,"marks":1911},"What’s the impact on the global lithium market?",[1912],{"type":599,"attrs":1913},{"color":601},{"type":591,"attrs":1915,"content":1916},{"textAlign":49},[1917],{"text":1918,"type":596,"marks":1919},"Globally, the impact is limited. Benchmark’s pre-announcement forecast showed ~973kt LCE of chemical output from spodumene and petalite in 2026, rising to ~1.96Mt by 2036 with Kemerton and all its expansions potentially accounting for up to 4% of this. The announcement also doesn’t impact upstream assets, leaving the overall market balance unchanged.",[1920],{"type":599,"attrs":1921},{"color":601},{"type":591,"attrs":1923,"content":1924},{"textAlign":49},[1925],{"text":1926,"type":596,"marks":1927},"The move limits potential IRA-compliant lithium hydroxide output from Australia. Foreign Entity of Concern restrictions have not created a sustained pricing premium sufficient to overcome the structural cost disadvantage of Western refining. Any compliance premium currently available does not appear large enough to justify continued standalone operation at Kemerton. Comments in Albemarle’s Q4 2025 earnings call further underscore this, citing material and sustained bifurcation of China and ex-China pricing as a requirement to resume operations out of Kemerton.",[1928],{"type":599,"attrs":1929},{"color":601},{"type":591,"attrs":1931,"content":1932},{"textAlign":49},[1933],{"type":748},"Albemarle plans to idle its 25ktpa capacity Kemerton lithium hydroxide processing plant in Western Australia, citing “challenges facing Western hard-rock lithium conversion operations”.\n\nKemerton processes spodumene from Albemarle’s Greenbushes mine into lithium hydroxide. In 2025, it produced an estimated 7.5kt LCE and was forecast to produce 22kt LCE in 2026. Expansions planned for 2029 could have added 75ktpa capacity.\n\nThe idling of Kemerton materially weakens the near-term outlook for Australian lithium chemical refining as Kemerton was forecast to account for 46% of the country’s lithium chemical output in 2026 and had the potential to increase this to 49% by 2036.",[1936],{"slug":544,"name":543,"content":1937},{"job_title":557,"image":1938,"bio":548,"linkedin":555,"markets_covered":8},{"filename":552},"What does Albemarle idling Kemerton mean for Australian lithium?",[1941,1942],{"slug":773,"name":8},{"slug":767,"name":768},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":1944},{},{"id":1946,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":1947,"copyright":547,"fieldtype":553,"meta_data":1948,"is_external_url":50},129069033659930,"https://a.storyblok.com/f/287943243085208/b37c3894ee/bm-kemerton-expansion-project-1.jpg",{},"Albemarle plans to idle its 25ktpa capacity Kemerton lithium hydroxide processing plant in Western Australia, citing “challenges facing Western hard-rock lithium conversion operations”.","Feb 19, 2026",{"id":1952,"uuid":1139,"name":1953,"slug":1954,"full_slug":1955,"content":1956},143577548806252,"PLS lithium offtake reinforces structural support in spodumene market","pls-lithium-offtake-reinforces-structural-support-in-spodumene-market","article/pls-lithium-offtake-reinforces-structural-support-in-spodumene-market",{"_uid":1957,"date":1958,"tags":1959,"editor":1966,"content":1970,"excerpt":2154,"featured":51,"reporter":2155,"component":763,"seo_title":2159,"categories":2160,"visibility":774,"author_company":547,"data_vis_image":2163,"featured_image":2167,"seo_description":2171,"author_full_name":547,"author_job_title":547,"formattedDate":2172},"6a3f0cfc-e6a7-421b-a58e-da1129b3b365","2026-02-10 00:00",[1960,1963,1964,1965],{"slug":1961,"name":1962},"pilbara-minerals","Pilbara Minerals",{"slug":807,"name":808},{"slug":1116,"name":1117},{"slug":572,"name":573},[1967],{"slug":579,"name":580,"content":1968},{"job_title":582,"image":1969,"bio":585,"linkedin":586},{"filename":584},{"type":588,"content":1971},[1972,1991,1999,2021,2029,2037,2045,2081,2088,2096,2104,2112,2120,2128,2150],{"type":591,"attrs":1973,"content":1974},{"textAlign":49},[1975,1980,1986],{"text":1976,"type":596,"marks":1977},"Australian lithium miner PLS has executed a two-year binding offtake agreement with Canmax, a Chinese battery materials producer, for up to 150ktpa of ",[1978],{"type":599,"attrs":1979},{"color":601},{"text":1134,"type":596,"marks":1981},[1982,1984],{"type":605,"attrs":1983},{"href":1160,"uuid":1161,"anchor":49,"target":609,"linktype":610},{"type":599,"attrs":1985},{"color":601},{"text":1987,"type":596,"marks":1988}," (SC) starting in mid-2026.",[1989],{"type":599,"attrs":1990},{"color":601},{"type":591,"attrs":1992,"content":1993},{"textAlign":49},[1994],{"text":1995,"type":596,"marks":1996},"The deal includes a floor price of US$1,000/t and is subject to a US$100m unsecured, interest-free prepayment. There is an option to extend the offtake a further 12 months.",[1997],{"type":599,"attrs":1998},{"color":601},{"type":591,"attrs":2000,"content":2001},{"textAlign":49},[2002,2007,2016],{"text":2003,"type":596,"marks":2004},"The price floor is comfortably above the costs of ",[2005],{"type":599,"attrs":2006},{"color":601},{"text":2008,"type":596,"marks":2009},"PLS’ Ngungaju",[2010,2014],{"type":605,"attrs":2011},{"href":2012,"uuid":2013,"anchor":49,"target":609,"linktype":610},"/article/pilbara-to-put-ngungaju-into-care-and-maintenance-amid-spodumene-price-woes","c8383028-c3f9-42d3-875f-4ca34896097d",{"type":599,"attrs":2015},{"color":601},{"text":2017,"type":596,"marks":2018}," plant. It is also consistent with Benchmark’s view that hard-rock feedstock will be supported above US$1,000/t through 2026.",[2019],{"type":599,"attrs":2020},{"color":601},{"type":717,"attrs":2022,"content":2023},{"level":719,"textAlign":49},[2024],{"text":2025,"type":596,"marks":2026},"How much of PLS’ spodumene concentrate production is under offtake?",[2027],{"type":599,"attrs":2028},{"color":601},{"type":591,"attrs":2030,"content":2031},{"textAlign":49},[2032],{"text":2033,"type":596,"marks":2034},"Under Benchmark’s current forecast, PLS is forecast to produce ~134kt LCE (~970kt of spodumene concentrate) in 2026 and ~150kt LCE in 2027 through its Pilgan and Ngungaju plants.",[2035],{"type":599,"attrs":2036},{"color":601},{"type":591,"attrs":2038,"content":2039},{"textAlign":49},[2040],{"text":2041,"type":596,"marks":2042},"The 150ktpa SC offtake to Canmax equates to roughly 20–23kt LCE annually, representing ~15–17% of 2026 output and ~13–15% of 2027 production.",[2043],{"type":599,"attrs":2044},{"color":601},{"type":591,"attrs":2046,"content":2047},{"textAlign":49},[2048,2053,2062,2067,2076],{"text":2049,"type":596,"marks":2050},"Taken together with PLS’ other offtake relationships with ",[2051],{"type":599,"attrs":2052},{"color":601},{"text":2054,"type":596,"marks":2055},"Ganfeng",[2056,2060],{"type":605,"attrs":2057},{"href":2058,"uuid":2059,"anchor":49,"target":609,"linktype":610},"/article/ganfeng-chairmans-speech-adds-fuel-to-lithium-price-rally-in-china","edfa71df-9b07-482a-ade9-c82250a1cf38",{"type":599,"attrs":2061},{"color":601},{"text":2063,"type":596,"marks":2064},", General Lithium, Yahua, Chengxin, and ",[2065],{"type":599,"attrs":2066},{"color":601},{"text":2068,"type":596,"marks":2069},"POSCO",[2070,2074],{"type":605,"attrs":2071},{"href":2072,"uuid":2073,"anchor":49,"target":609,"linktype":610},"/publications/analysis/posco-pilbara-signs-offtake-deal-with-sk-on-benchmark-lithium","1dba224b-1f22-46fe-b08e-df0fc8767827",{"type":599,"attrs":2075},{"color":601},{"text":2077,"type":596,"marks":2078},", it has options to see most of its 2026 output under contract. Flexibility in those contract terms means, however, that the company could service all agreements for 2026 from only its Pilgan plant. Two offtake agreements executed already during the December 2025 quarter means options for a further 100kt SC are also available to the company in the short term.",[2079],{"type":599,"attrs":2080},{"color":601},{"type":635,"attrs":2082},{"id":2083,"body":2084},"4ac58bfe-70d9-435a-8088-9fb81a0d5fba",[2085],{"id":2086,"_uid":2087,"type":610,"component":643,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"3582737","i-6b068973-69f7-44f2-a594-5ecf487bb29b",{"type":717,"attrs":2089,"content":2090},{"level":719,"textAlign":49},[2091],{"text":2092,"type":596,"marks":2093},"Where does the price floor fit in with lithium costs?",[2094],{"type":599,"attrs":2095},{"color":601},{"type":591,"attrs":2097,"content":2098},{"textAlign":49},[2099],{"text":2100,"type":596,"marks":2101},"With Benchmark’s long-term hard-rock incentive price at $1,500/t SC6, the price floor in this offtake agreement sits comfortably above marginal operating cost for most current producers, but below levels likely to accelerate widespread greenfield expansion, particularly in Western mining jurisdictions. That dynamic supports existing supply without clearly incentivising a new wave of development.",[2102],{"type":599,"attrs":2103},{"color":601},{"type":591,"attrs":2105,"content":2106},{"textAlign":49},[2107],{"text":2108,"type":596,"marks":2109},"Benchmark’s 2026 hard-rock lithium cost curve places Pilgan at $592/t AISC, whilst costs for Ngungaju are estimated to be closer to the $800-900/t SC6 level. At the $1,000/t floor, this implies gross operating margin of around $400/t, or roughly $60m per year of margin on the contracted volumes, with full exposure retained to higher prevailing prices.",[2110],{"type":599,"attrs":2111},{"color":601},{"type":717,"attrs":2113,"content":2114},{"level":719,"textAlign":49},[2115],{"text":2116,"type":596,"marks":2117},"How does the offtake fit in with Canmax’s operations?",[2118],{"type":599,"attrs":2119},{"color":601},{"type":591,"attrs":2121,"content":2122},{"textAlign":49},[2123],{"text":2124,"type":596,"marks":2125},"Canmax’s lithium chemical nameplate capacity is above its current hard-rock production forecast. It recently inked an offtake agreement with Liontown and is trying to ramp up supply from its Nigerian joint ventures.",[2126],{"type":599,"attrs":2127},{"color":601},{"type":591,"attrs":2129,"content":2130},{"textAlign":49},[2131,2136,2145],{"text":2132,"type":596,"marks":2133},"More broadly, ",[2134],{"type":599,"attrs":2135},{"color":601},{"text":2137,"type":596,"marks":2138},"Chinese lithium chemical capacity",[2139,2143],{"type":605,"attrs":2140},{"href":2141,"uuid":2142,"anchor":49,"target":609,"linktype":610},"/article/lithium-chemical-prices-fall-as-inventory-builds","1e82c3c0-c12a-472b-bb6e-5dbc1c297262",{"type":599,"attrs":2144},{"color":601},{"text":2146,"type":596,"marks":2147}," exceeds that of secured hard-rock supply. In that context, multi-year floor-linked agreements with established producers reduce procurement risk and reinforce the strategic importance of reliable hard-rock feedstock.",[2148],{"type":599,"attrs":2149},{"color":601},{"type":591,"attrs":2151,"content":2152},{"textAlign":49},[2153],{"type":748},"Australian lithium miner PLS has executed a two-year binding offtake agreement with Canmax, a Chinese battery materials producer, for up to 150ktpa of spodumene concentrate (SC) starting in mid-2026.\n\nThe deal includes a floor price of US$1,000/t and is subject to a US$100m unsecured, interest-free prepayment. There is an option to extend the offtake a further 12 months.\n\nThe price floor is comfortably above the costs of PLS’ Ngungaju plant. It is also consistent with Benchmark’s view that hard-rock feedstock will be supported above US$1,000/t through 2026.",[2156],{"slug":544,"name":543,"content":2157},{"job_title":557,"image":2158,"bio":548,"linkedin":555,"markets_covered":8},{"filename":552},"PLS lithium offtake structurally supports spodumene market",[2161,2162],{"slug":767,"name":768},{"slug":773,"name":8},{"id":2164,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":2165,"copyright":547,"fieldtype":553,"meta_data":2166,"is_external_url":50},143583200308998,"https://a.storyblok.com/f/287943243085208/1588x1512/fa426c1024/socials-pls-offtakes-2x-1.png",{},{"id":2168,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":2169,"copyright":547,"fieldtype":553,"meta_data":2170,"is_external_url":50},129072823997951,"https://a.storyblok.com/f/287943243085208/c1b4a53c46/bm-spodumene5.jpg",{},"Australian lithium miner PLS has executed a two-year binding offtake agreement with Canmax, a Chinese battery materials producer, for up to 150ktpa of spodumene concentrate (SC) starting in mid-2026.","Feb 10, 2026",{"id":2174,"uuid":2175,"name":2176,"slug":2177,"full_slug":2178,"content":2179},141084890272419,"cf6f633d-0990-45e9-b405-0feefc7463f1","China introduces national capacity pricing for grid‑side energy storage","china-introduces-national-capacity-pricing-for-gridside-ess-","article/china-introduces-national-capacity-pricing-for-gridside-ess-",{"_uid":2180,"date":2181,"tags":2182,"editor":2190,"content":2200,"excerpt":2365,"featured":51,"reporter":2366,"component":763,"seo_title":2380,"categories":2381,"visibility":774,"author_company":547,"data_vis_image":2397,"featured_image":2399,"seo_description":2365,"author_full_name":547,"author_job_title":547,"formattedDate":2403},"1d6bbdc8-d687-41d6-ba85-bb562ba97ec6","2026-02-03 00:00",[2183,2184,2187],{"slug":572,"name":573},{"slug":2185,"name":2186},"policy","Policy",{"slug":2188,"name":2189},"energy-storage","Energy storage",[2191],{"slug":2192,"name":2193,"content":2194},"didi-bostock","Didi Bostock",{"job_title":2195,"image":2196,"bio":2198,"linkedin":2199},"Editor - Energy Transition & Economics",{"filename":2197},"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":588,"content":2201},[2202,2247,2252,2259,2282,2287,2292,2299,2306,2317,2324,2329,2334,2341,2346,2351,2358,2363],{"type":591,"attrs":2203,"content":2204},{"textAlign":49},[2205,2207,2212,2214,2218,2220,2225,2227,2232,2234,2239,2241,2245],{"text":2206,"type":596},"China has introduced a national capacity",{"text":2208,"type":596,"marks":2209},"‑",[2210],{"type":599,"attrs":2211},{"color":547},{"text":2213,"type":596},"based pricing mechanism for grid",{"text":2208,"type":596,"marks":2215},[2216],{"type":599,"attrs":2217},{"color":547},{"text":2219,"type":596},"side independent energy storage, marking a structural shift in how storage assets are compensated within the power system. Issued jointly by the National Development and Reform Commission (NDRC) and National Energy Administration (NEA) under Document No.",{"text":2221,"type":596,"marks":2222}," ",[2223],{"type":599,"attrs":2224},{"color":547},{"text":2226,"type":596},"114, the reform recognises energy storage as a provider of system reliability under the principle of ",{"text":2228,"type":596,"marks":2229},"“",[2230],{"type":599,"attrs":2231},{"color":547},{"text":2233,"type":596},"equal pay for equal work",{"text":2235,"type":596,"marks":2236},"”",[2237],{"type":599,"attrs":2238},{"color":547},{"text":2240,"type":596},", aligning compensation with coal",{"text":2208,"type":596,"marks":2242},[2243],{"type":599,"attrs":2244},{"color":547},{"text":2246,"type":596},"fired power.",{"type":591,"attrs":2248,"content":2249},{"textAlign":49},[2250],{"text":2251,"type":596},"The policy addresses underinvestment in flexible capacity as renewable penetration rises, while materially improving the bankability of standalone energy storage projects.",{"type":717,"attrs":2253,"content":2254},{"level":1358,"textAlign":49},[2255],{"text":2256,"type":596,"marks":2257},"How does the capacity pricing mechanism work?",[2258],{"type":727},{"type":591,"attrs":2260,"content":2261},{"textAlign":49},[2262,2264,2268,2270,2274,2276,2280],{"text":2263,"type":596},"Eligible grid",{"text":2208,"type":596,"marks":2265},[2266],{"type":599,"attrs":2267},{"color":547},{"text":2269,"type":596},"side standalone energy storage projects will receive an annual capacity payment based on verified effective capacity, benchmarked against local coal",{"text":2208,"type":596,"marks":2271},[2272],{"type":599,"attrs":2273},{"color":547},{"text":2275,"type":596},"fired power standards. From 2026, coal",{"text":2208,"type":596,"marks":2277},[2278],{"type":599,"attrs":2279},{"color":547},{"text":2281,"type":596},"fired capacity prices must recover at least 50% of fixed costs, implying a minimum reference payment of around RMB165/kW/year, subject to provincial implementation.",{"type":591,"attrs":2283,"content":2284},{"textAlign":49},[2285],{"text":2286,"type":596},"These capacity payments are paid independently of dispatch and energy price spreads, are received in addition to market revenues such as arbitrage and ancillary services and are recovered through system operating costs ultimately borne by end users.",{"type":591,"attrs":2288,"content":2289},{"textAlign":49},[2290],{"text":2291,"type":596},"The mechanism does not mandate new construction or guarantee energy revenues but introduces a stable, financeable revenue stream that materially reduces reliance on volatile power market conditions.",{"type":717,"attrs":2293,"content":2294},{"level":1358,"textAlign":49},[2295],{"text":2296,"type":596,"marks":2297},"Implications for ESS demand and upside scenarios",[2298],{"type":727},{"type":635,"attrs":2300},{"id":2301,"body":2302},"3af7fe9a-34c2-48ac-9e97-bea1ab037d09",[2303],{"id":2304,"_uid":2305,"type":642,"component":643,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"27496148","i-ec9a59fe-2cb5-4eeb-af5a-a6c2c94cc97a",{"type":591,"attrs":2307,"content":2308},{"textAlign":49},[2309,2311,2315],{"text":2310,"type":596},"While the reform does not raise absolute build limits, still constrained by grid planning and EPC capacity, it underwrites a baseline level of deployment and increases the probability that higher",{"text":2208,"type":596,"marks":2312},[2313],{"type":599,"attrs":2314},{"color":547},{"text":2316,"type":596},"end energy storage system (ESS) demand scenarios are realised. Upside deployment becomes less dependent on favourable power prices or low battery input costs.",{"type":717,"attrs":2318,"content":2319},{"level":1358,"textAlign":49},[2320],{"text":2321,"type":596,"marks":2322},"Will we see an increase in project duration?",[2323],{"type":727},{"type":591,"attrs":2325,"content":2326},{"textAlign":49},[2327],{"text":2328,"type":596},"Only standalone grid‑side projects included in provincial plans are eligible; storage paired with wind or solar is excluded. The adjustment factor strongly favours four‑hour‑plus systems, with shorter‑duration projects receiving proportionally lower payments. Over time, this is likely to shift system design towards longer‑duration storage, a trend already seen in recent years. From 2023 to 2025 Benchmark’s BESS Service saw average duration of grid projects in China rise from 2.1 hour to 2.9 hours.",{"type":591,"attrs":2330,"content":2331},{"textAlign":49},[2332],{"text":2333,"type":596},"Future reforms will transition all resources towards settlement based on “reliable capacity”, increasing the importance of performance, dispatch integration, and long‑term operations and maintenance capabilities.",{"type":717,"attrs":2335,"content":2336},{"level":1358,"textAlign":49},[2337],{"text":2338,"type":596,"marks":2339},"How can capacity compensation as a key driver of project viability?",[2340],{"type":727},{"type":591,"attrs":2342,"content":2343},{"textAlign":49},[2344],{"text":2345,"type":596},"Across several provinces, market‑based revenues alone are insufficient for standalone storage projects to cover capital and operating costs. Without capacity payments, project internal IRRs are often negative. With reasonable capacity compensation, IRRs rise above investment thresholds (~4–5%), enabling financing.",{"type":591,"attrs":2347,"content":2348},{"textAlign":49},[2349],{"text":2350,"type":596},"Since late 2025, developers have increasingly modelled projects assuming capacity compensation, with IRR‑based screening now central to investment decisions.",{"type":717,"attrs":2352,"content":2353},{"level":1358,"textAlign":49},[2354],{"text":2355,"type":596,"marks":2356},"Lower exposure to lithium price swings",[2357],{"type":727},{"type":591,"attrs":2359,"content":2360},{"textAlign":49},[2361],{"text":2362,"type":596},"Benchmark analysis shows that a capacity-based price of RMB165/kW/yr would be able to offset an increase in lithium carbonate  of up to RMB44,000/tonne for a typical 6-hour project (so long as lithium prices are the only thing that change). This significantly increases energy storage providers resilience against volatile raw material prices.",{"type":717,"attrs":2364},{"level":1358,"textAlign":49},"China has introduced a national capacity‑based pricing mechanism for grid‑side independent energy storage, marking a structural shift in how storage assets are compensated within the power system.",[2367,2377],{"slug":2368,"name":2369,"content":2370},"calvin-xu","Calvin Xu",{"job_title":2371,"image":2372,"bio":2374,"linkedin":2375,"markets_covered":2376},"Analyst - BESS",{"filename":2373},"https://a.storyblok.com/f/287943243085208/512x512/096bdfc0f7/calvin-xu.png","Calvin is a BESS Analyst focusing on China market. He works on daily research of China's BESS projects, legislation and policy analysis. He also works on the monthly and quarterly reports focusing on China market and the OEMs updates. Now he is assisting on the data centre database. Calvin holds a MSc of e-Business Management at University of Warwick. ","https://www.linkedin.com/in/zhengxu0416/","BESS",{"slug":544,"name":543,"content":2378},{"job_title":557,"image":2379,"bio":548,"linkedin":555,"markets_covered":8},{"filename":552},"China introduces national capacity pricing for grid‑side ESS",[2382,2385,2388,2389,2390,2392,2394],{"slug":2383,"name":2384},"batteries","Batteries",{"slug":2386,"name":2387},"ess","ESS",{"slug":767,"name":768},{"slug":773,"name":8},{"slug":2391,"name":261},"anode",{"slug":2393,"name":298},"cathode",{"slug":2395,"name":2396},"gigafactories","Battery & Gigafactory",{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":2398},{},{"id":2400,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":2401,"copyright":547,"fieldtype":553,"meta_data":2402,"is_external_url":50},141084977756156,"https://a.storyblok.com/f/287943243085208/5272x3948/e84a3df0c0/adobestock_1377471942.jpeg",{},"Feb 03, 2026",{"id":2405,"uuid":1260,"name":2406,"slug":2407,"full_slug":2408,"content":2409},137212210094578,"Restart of CATL’s Jianxiawo lithium mine may be delayed, tightening balance","restart-of-catls-jianxiawo-lithium-mine-may-be-delayed-tightening-balance","article/restart-of-catls-jianxiawo-lithium-mine-may-be-delayed-tightening-balance",{"_uid":2410,"date":2411,"live":51,"tags":2412,"editor":2418,"content":2422,"excerpt":2640,"featured":51,"reporter":2641,"component":763,"seo_title":2645,"categories":2646,"visibility":1440,"author_company":547,"data_vis_image":2649,"featured_image":2653,"seo_description":2657,"author_full_name":547,"author_job_title":547,"formattedDate":2658},"092f0541-1fb2-4562-8c06-c2761112a9af","2026-01-23 00:00",[2413,2414,2415,2416,2417],{"slug":798,"name":799},{"slug":572,"name":573},{"slug":807,"name":808},{"slug":575,"name":576},{"slug":804,"name":805},[2419],{"slug":579,"name":580,"content":2420},{"job_title":582,"image":2421,"bio":585,"linkedin":586},{"filename":584},{"type":588,"content":2423},[2424,2445,2450,2463,2469,2474,2479,2505,2512,2533,2538,2543,2561,2589,2595,2600,2605,2617,2622,2635],{"type":591,"attrs":2425,"content":2426},{"textAlign":49},[2427,2429,2435,2437,2443],{"text":2428,"type":596},"Market expectations around the restart of ",{"text":2430,"type":596,"marks":2431},"CATL’s Jianxiawo lithium operation",[2432],{"type":605,"attrs":2433},{"href":2434,"uuid":49,"anchor":49,"target":49,"linktype":1047},"https://source.benchmarkminerals.com/article/catl-suspends-operations-at-jianxiawo-mine-as-permit-expires",{"text":2436,"type":596}," are increasingly diverging from ",{"text":2438,"type":596,"marks":2439},"Benchmark’s base-case",[2440],{"type":605,"attrs":2441},{"href":2442,"uuid":49,"anchor":49,"target":49,"linktype":1047},"https://www.benchmarkminerals.com/lithium",{"text":2444,"type":596}," assumption that production would resume shortly after the Lunar New Year which takes place in February this year.",{"type":591,"attrs":2446,"content":2447},{"textAlign":49},[2448],{"text":2449,"type":596},"Claims circulating in the market this week indicate Jianxiawo requires remediation related to inadequate tailings pond impermeability and its proximity to a nearby river system. While the scope, approvals and timeline remain uncertain, sources indicate a first-quarter restart appears increasingly unlikely.",{"type":591,"attrs":2451,"content":2452},{"textAlign":49},[2453,2455,2461],{"text":2454,"type":596},"This comes ",{"text":2456,"type":596,"marks":2457},"amidst rising lithium prices in China",[2458],{"type":605,"attrs":2459},{"href":2460,"uuid":49,"anchor":49,"target":49,"linktype":1047},"https://source.benchmarkminerals.com/article/why-are-lithium-prices-in-china-soaring-this-week",{"text":2462,"type":596},", driven by an improved demand picture in the country and low lithium inventory levels.",{"type":717,"attrs":2464,"content":2466},{"level":2465,"textAlign":49},4,[2467],{"text":2468,"type":596},"How does this impact the lithium market balance?",{"type":591,"attrs":2470,"content":2471},{"textAlign":49},[2472],{"text":2473,"type":596},"Benchmark’s current base-case assumes Jianxiawo resumes production shortly after Lunar New Year. A restart materially later than this assumption would affect forecast output from where the asset is currently positioned in the supply model.",{"type":591,"attrs":2475,"content":2476},{"textAlign":49},[2477],{"text":2478,"type":596},"As part of an internal scenario review, Benchmark is assessing:",{"type":2480,"content":2481},"bullet_list",[2482,2490],{"type":2483,"content":2484},"list_item",[2485],{"type":591,"attrs":2486,"content":2487},{"textAlign":49},[2488],{"text":2489,"type":596},"Potentially halving the 2026 output of CATL’s Jianxiawo mine from ~111.4kt LCE (lithium carbonate equivalent) to ~55.7kt LCE.",{"type":2483,"content":2491},[2492],{"type":591,"attrs":2493,"content":2494},{"textAlign":49},[2495,2497,2503],{"text":2496,"type":596},"Potentially halving 2026 supply from ",{"text":2498,"type":596,"marks":2499},"Gotion’s Shuinanduan mine",[2500],{"type":605,"attrs":2501},{"href":2502,"uuid":49,"anchor":49,"target":49,"linktype":1047},"https://source.benchmarkminerals.com/article/catl-and-gotion-secure-reserve-approvals-as-jiangxi-permitting-deadline-looms",{"text":2504,"type":596},", currently forecast to be 10kt LCE in 2026.",{"type":635,"attrs":2506},{"id":2507,"body":2508},"efb3f72a-af39-46de-b4d8-adeb7dcadc3a",[2509],{"id":2510,"_uid":2511,"type":642,"component":643,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"27345123","i-0fc5e778-bce7-4256-b535-dd3c33003f40",{"type":591,"attrs":2513,"content":2514},{"textAlign":49},[2515,2517,2523,2525,2531],{"text":2516,"type":596},"Outside of Jianxiawo and Shuinanduan, other mines in Jiangxi province are set to contribute ~108kt LCE of lithium supply in 2026. Findings from ",{"text":2518,"type":596,"marks":2519},"other licence investigations",[2520],{"type":605,"attrs":2521},{"href":2522,"uuid":49,"anchor":49,"target":49,"linktype":1047},"https://source.benchmarkminerals.com/article/what-do-the-recent-jiangxi-permit-cancellations-mean-for-the-lithium-industry",{"text":2524,"type":596}," in the region could turn up waste and tailings deficiencies similar to those at Jianxiawo. This implies a ",{"text":2526,"type":596,"marks":2527},"broader risk profile for the province",[2528],{"type":605,"attrs":2529},{"href":2530,"uuid":49,"anchor":49,"target":49,"linktype":1047},"https://source.benchmarkminerals.com/article/q3-lithium-preview-jiangxi-enforcement-shows-teeth-lifting-price-floor",{"text":2532,"type":596},". Expectations of negative final inspection verdicts could align producer incentives with sharp mining acceleration in H1 to make use of would-be unused H2 2026 quota volumes.",{"type":591,"attrs":2534,"content":2535},{"textAlign":49},[2536],{"text":2537,"type":596},"Under Benchmark’s latest lithium forecast, the global lithium market balance for 2026 is ~78kt LCE. A sustained delay at Jianxiawo and Jiangxi disruptions would push the market into a very tight balance and potentially a deficit. This could warrant a further reassessment of short-term pricing assumptions across 2026 and the first half of 2027, while leaving medium- and long-term price trajectories unchanged.",{"type":717,"attrs":2539,"content":2540},{"level":2465,"textAlign":49},[2541],{"text":2542,"type":596},"How does this fit into the current lithium price?",{"type":591,"attrs":2544,"content":2545},{"textAlign":49},[2546,2552,2554,2559],{"text":2547,"type":596,"marks":2548},"Benchmark lithium prices",[2549],{"type":605,"attrs":2550},{"href":2551,"uuid":49,"anchor":49,"target":49,"linktype":1047},"https://www.benchmarkminerals.com/lithium/prices",{"text":2553,"type":596}," were already on an ",{"text":2555,"type":596,"marks":2556},"upward trajectory",[2557],{"type":605,"attrs":2558},{"href":2460,"uuid":49,"anchor":49,"target":49,"linktype":1047},{"text":2560,"type":596},", before concerns regarding Jiangxi supply resurfaced. For instance, Benchmark’s EXW China lithium carbonate prices have risen dramatically by 40% since the start of January 2026, with CIF Asia spot prices up similarly, by 42%.",{"type":591,"attrs":2562,"content":2563},{"textAlign":49},[2564,2566,2572,2574,2580,2582,2587],{"text":2565,"type":596},"Much of the rise is attributable to gradually improving demand sentiment that has been driven by stronger-than-expected cathode demand to supply ",{"text":2567,"type":596,"marks":2568},"battery energy stationary storage",[2569],{"type":605,"attrs":2570},{"href":2571,"uuid":49,"anchor":49,"target":49,"linktype":1047},"https://source.benchmarkminerals.com/article/china-bess-installations-in-december-surpass-us-2025-total",{"text":2573,"type":596}," (BESS) customers and a succession of policy announcements in China. These have included a ",{"text":2575,"type":596,"marks":2576},"renewed trade-in scheme for EVs",[2577],{"type":605,"attrs":2578},{"href":2579,"uuid":49,"anchor":49,"target":49,"linktype":1047},"https://source.benchmarkminerals.com/article/purchase-taxes-on-chinese-evs-to-increase-from-2026",{"text":2581,"type":596},", and the planned phase out of ",{"text":2583,"type":596,"marks":2584},"export tax rebates",[2585],{"type":605,"attrs":2586},{"href":1046,"uuid":49,"anchor":49,"target":49,"linktype":1047},{"text":2588,"type":596}," for batteries, nickel-based CAM and pCAM.",{"type":635,"attrs":2590},{"id":2507,"body":2591},[2592],{"id":2593,"_uid":2594,"type":642,"component":643,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"27348150","i-e2ab6077-6442-494d-84ab-c96cb288ccc2",{"type":591,"attrs":2596,"content":2597},{"textAlign":49},[2598],{"text":2599,"type":596},"The latest indications that the country’s hard rock supply could be constrained for longer have compounded bullish speculation on domestic lithium carbonate futures exchanges. In turn, erratic, rising futures contract quotations have emboldened sellers to offer lithium carbonate, hydroxide and spodumene concentrate at drastically higher prices than observed throughout 2025.",{"type":717,"attrs":2601,"content":2602},{"level":2465,"textAlign":49},[2603],{"text":2604,"type":596},"How have renewed supply risks affected Benchmark’s assumptions?",{"type":591,"attrs":2606,"content":2607},{"textAlign":49},[2608,2610,2615],{"text":2609,"type":596},"These developments follow Benchmark’s recent update to near-term lithium pricing assumptions, which reflected tighter market conditions ",{"text":2611,"type":596,"marks":2612},"driven by low inventories",[2613],{"type":605,"attrs":2614},{"href":2460,"uuid":49,"anchor":49,"target":49,"linktype":1047},{"text":2616,"type":596},", policy-related timing effects in China, stronger downstream activity and uncertainty around near-term supply restarts in Jiangxi.",{"type":591,"attrs":2618,"content":2619},{"textAlign":49},[2620],{"text":2621,"type":596},"The Jianxiawo situation represents a further downside supply risk to be actively monitored, rather than a trigger for an immediate forecast revision.",{"type":591,"attrs":2623,"content":2624},{"textAlign":49},[2625,2627,2633],{"text":2626,"type":596},"Benchmark’s forecast team continues to monitor developments closely. While the official restart timeline remains post-Chinese New Year, sources increasingly point to the risk of a materially later resumption, in the second half of 2026. Regardless of the eventual outcome, recent developments underscore how central Jianxiawo, and ",{"text":2628,"type":596,"marks":2629},"Jiangxi more broadly",[2630],{"type":605,"attrs":2631},{"href":2632,"uuid":49,"anchor":49,"target":49,"linktype":1047},"https://source.benchmarkminerals.com/article/rangebound-prices-ahead-as-jiangxi-permits-set-floor-and-ceiling",{"text":2634,"type":596},", remain to the lithium market’s short-term risk profile.",{"type":591,"attrs":2636,"content":2637},{"textAlign":49},[2638],{"text":2639,"type":596},"Even absent confirmed production losses, uncertainty around Jianxiawo is once again proving sufficient to move prices, reinforcing Jiangxi’s role as the market’s primary near-term swing factor.","Market expectations around the restart of CATL’s Jianxiawo lithium operation are increasingly diverging from Benchmark’s base-case assumption that production would resume shortly after the Lunar New Year which takes place in February this year. Claims circulating in the market this week indicate Jianxiawo requires remediation related to inadequate tailings pond impermeability and its proximity to ",[2642],{"slug":544,"name":543,"content":2643},{"job_title":557,"image":2644,"bio":548,"linkedin":555,"markets_covered":8},{"filename":552},"Restart of CATL’s Jianxiawo lithium mine may be delayed",[2647,2648],{"slug":767,"name":768},{"slug":773,"name":8},{"id":2650,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":2651,"copyright":547,"fieldtype":553,"meta_data":2652,"is_external_url":50},138142338753535,"https://a.storyblok.com/f/287943243085208/1588x1400/cc2c5e4b6b/socials-jiangxi-lithium-disruption-2x.png",{},{"id":2654,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":2655,"copyright":547,"fieldtype":553,"meta_data":2656,"is_external_url":50},137212324181153,"https://a.storyblok.com/f/287943243085208/1920x1080/e8e85379ea/collage_prices_6.avif",{},"Market expectations around the restart of CATL’s Jianxiawo lithium operation are increasingly diverging from Benchmark’s base-case assumption that production would resume shortly after the Lunar New Year which takes place in February this year. Claims cir","Jan 23, 2026",{"id":2660,"uuid":2661,"name":2662,"slug":2663,"full_slug":2664,"content":2665},133953868544123,"5709f47a-e116-4be1-8db7-6794ce1a2288","Why are lithium prices in China soaring this week?","why-are-lithium-prices-in-china-soaring-this-week","article/why-are-lithium-prices-in-china-soaring-this-week",{"_uid":2666,"date":2667,"tags":2668,"editor":2671,"content":2675,"excerpt":2858,"featured":51,"reporter":2859,"_editable":2863,"component":763,"seo_title":2662,"categories":2864,"visibility":1440,"author_company":49,"data_vis_image":2867,"featured_image":2871,"seo_description":2874,"author_full_name":49,"author_job_title":49,"formattedDate":2875},"68f0d5fe-8c6d-47c3-8e17-7069e0d4f9a3","2026-01-06 00:00",[2669,2670],{"slug":572,"name":573},{"slug":807,"name":808},[2672],{"slug":579,"name":580,"content":2673},{"job_title":582,"image":2674,"bio":585,"linkedin":586},{"filename":584},{"type":588,"content":2676},[2677,2689,2715,2723,2728,2733,2738,2743,2751,2756,2768,2780,2785,2790,2795,2800,2805,2810,2815,2823,2836,2841,2846],{"type":591,"attrs":2678,"content":2679},{"textAlign":49},[2680,2682,2687],{"text":2681,"type":596},"Lithium prices in China have risen sharply this week, driven by the convergence of steadily ",{"text":2683,"type":596,"marks":2684},"tightening inventories",[2685],{"type":605,"attrs":2686},{"href":2522,"uuid":49,"anchor":49,"target":49,"linktype":1047},{"text":2688,"type":596},", improving demand expectations, and improved macroeconomic sentiment.",{"type":591,"attrs":2690,"content":2691},{"textAlign":49},[2692,2694,2700,2706,2708,2713],{"text":2693,"type":596},"Battery-grade lithium carbonate and hydroxide inventories in China have been consistently drawn down since September 2025 and are now lower than at any time in 2025. With inventories depleted, the market has become increasingly sensitive to marginal changes in ",{"text":2695,"type":596,"marks":2696},"demand",[2697],{"type":605,"attrs":2698},{"href":2699,"uuid":49,"anchor":49,"target":49,"linktype":1047},"https://source.benchmarkminerals.com/article/catl-revises-2026-production-guidance-up-30-to-1300gwh",{"text":2701,"type":596,"marks":2702},"expectations",[2703],{"type":605,"attrs":2704},{"href":2705,"uuid":49,"anchor":49,"target":49,"linktype":1047},"https://source.benchmarkminerals.com/article/ganfeng-chairmans-speech-adds-fuel-to-lithium-price-rally-in-china",{"text":2707,"type":596}," and ",{"text":2709,"type":596,"marks":2710},"supply",[2711],{"type":605,"attrs":2712},{"href":2502,"uuid":49,"anchor":49,"target":49,"linktype":1047},{"text":2714,"type":596}," fundamentals.",{"type":635,"attrs":2716},{"id":2717,"body":2718},"f7eb13dd-f87d-4022-8520-fd6bbf2305ee",[2719],{"id":2720,"_uid":2721,"type":642,"_editable":2722,"component":643,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"27091265","i-113a5fad-b0fe-4178-9eac-262f648ade8b","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-113a5fad-b0fe-4178-9eac-262f648ade8b\", \"id\": \"\"}-->",{"type":717,"attrs":2724,"content":2725},{"level":2465,"textAlign":49},[2726],{"text":2727,"type":596},"Demand expectations firm as policy support is confirmed",{"type":591,"attrs":2729,"content":2730},{"textAlign":49},[2731],{"text":2732,"type":596},"Expectations that China’s central government would provide direct support to consumer demand in 2026 were confirmed on 30 December, when authorities announced an initial RMB62.5 bn ($8.94 bn) consumer subsidy programme, including support for electric vehicles.",{"type":591,"attrs":2734,"content":2735},{"textAlign":49},[2736],{"text":2737,"type":596},"Under the policy, EV trade-in subsidies of up to 12% of a vehicle’s price will be offered, capped at RMB20,000 ($2,860) per vehicle. While the immediate impact on near-term lithium demand is limited, the policy has reinforced confidence across the battery materials supply chain.",{"type":591,"attrs":2739,"content":2740},{"textAlign":49},[2741],{"text":2742,"type":596},"This follows a broader improvement in macroeconomic sentiment in China, as seen by recent RMB strength compared to the US dollar. Together, currency strength and confirmed consumer stimulus have helped shift sentiment from cautious to constructive.",{"type":635,"attrs":2744},{"id":2745,"body":2746},"552a0981-dfe0-4d71-86d8-4b27bd8c4348",[2747],{"id":2748,"_uid":2749,"type":642,"_editable":2750,"component":643,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"27090462","i-a7bf35de-6f5f-4f5d-b388-68387f9b40fd","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-a7bf35de-6f5f-4f5d-b388-68387f9b40fd\", \"id\": \"\"}-->",{"type":717,"attrs":2752,"content":2753},{"level":2465,"textAlign":49},[2754],{"text":2755,"type":596},"Permit reforms reduce supply elasticity",{"type":591,"attrs":2757,"content":2758},{"textAlign":49},[2759,2761,2766],{"text":2760,"type":596},"The end of 2025 saw the ",{"text":2762,"type":596,"marks":2763},"cancellation of 27 expired mining licences in Jiangxi",[2764],{"type":605,"attrs":2765},{"href":2522,"uuid":49,"anchor":49,"target":49,"linktype":1047},{"text":2767,"type":596}," and the introduction of the State Council’s Action Plan for Comprehensive Solid Waste Management. This impacted prices despite no loss of active lithium supply.",{"type":591,"attrs":2769,"content":2770},{"textAlign":49},[2771,2773,2778],{"text":2772,"type":596},"Such measures will not immediately reduce lithium production in China, but will instead reduce the flexibility of lithium supply to respond to improving demand. ",{"text":2774,"type":596,"marks":2775},"Price",[2776],{"type":605,"attrs":2777},{"href":2632,"uuid":49,"anchor":49,"target":49,"linktype":1047},{"text":2779,"type":596},", rather than rapid supply adjustment, will drive market rebalancing in 2026.",{"type":717,"attrs":2781,"content":2782},{"level":2465,"textAlign":49},[2783],{"text":2784,"type":596},"EXW China prices move first",{"type":591,"attrs":2786,"content":2787},{"textAlign":49},[2788],{"text":2789,"type":596},"The recent rally has been most visible in ex-works China pricing, where domestic sentiment, inventory tightness, and near-term procurement dynamics are most quickly reflected.",{"type":591,"attrs":2791,"content":2792},{"textAlign":49},[2793],{"text":2794,"type":596},"Between mid-December and early January, Benchmark’s lithium carbonate EXW China assessments rose sharply, extending gains already underway before year-end. Hydroxide prices followed a similar trajectory, supported by improving expectations for both EV and energy storage system demand.",{"type":717,"attrs":2796,"content":2797},{"level":2465,"textAlign":49},[2798],{"text":2799,"type":596},"CIF Asia price movements lag EXW China",{"type":591,"attrs":2801,"content":2802},{"textAlign":49},[2803],{"text":2804,"type":596},"Benchmark’s long-term price forecasts are assessed on a CIF Asia basis, rather than EXW China, reflecting international trade flows, logistics, and downstream contract structures.",{"type":591,"attrs":2806,"content":2807},{"textAlign":49},[2808],{"text":2809,"type":596},"The gap between EXW China and CIF Asia pricing remains significant. Domestic Chinese price movements typically lead international markets, but the magnitude and timing of transmission differ materially.",{"type":591,"attrs":2811,"content":2812},{"textAlign":49},[2813],{"text":2814,"type":596},"“CIF Asia prices will gradually edge upwards to narrow the gap to China domestic, but CIF liquidity has been slow to rebound since buyers are reluctant to accept these much higher offers,” Adam Megginson, principal lithium price analyst at Benchmark, said. “Regional spot demand has been weak, with existing contracts covering most consumers’ demands, and the surge in domestic prices has pushed CIF Asia buyers to wait-and-see.”",{"type":635,"attrs":2816},{"id":2817,"body":2818},"2cd4853a-bbbe-4fdc-b757-5c8c0b5c2193",[2819],{"id":2820,"_uid":2821,"type":642,"_editable":2822,"component":643,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"27092402","i-a8fc8fb6-361d-4005-86a8-8acef6213434","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-a8fc8fb6-361d-4005-86a8-8acef6213434\", \"id\": \"\"}-->",{"type":591,"attrs":2824,"content":2825},{"textAlign":49},[2826,2828,2834],{"text":2827,"type":596},"The ",{"text":2829,"type":596,"marks":2830},"Benchmark Q4 2025 Lithium Forecast",[2831],{"type":605,"attrs":2832},{"href":2833,"uuid":49,"anchor":49,"target":49,"linktype":1047},"https://www.benchmarkminerals.com/lithium/supply-chain-data",{"text":2835,"type":596}," upside demand scenario continues to support higher pricing, with forecasts of $15.00/kg CIF Asia spot in Q1 under upside conditions and a $18.80/kg CIF Asia annual average in 2026, reflecting improving EV penetration, energy storage growth, and constrained supply responsiveness.",{"type":717,"attrs":2837,"content":2838},{"level":2465,"textAlign":49},[2839],{"text":2840,"type":596},"A sentiment-led rally, underpinned by fundamentals",{"type":591,"attrs":2842,"content":2843},{"textAlign":49},[2844],{"text":2845,"type":596},"In summary, lithium prices in China are rising this week not because of a single triggering event, but because inventories are low, demand expectations have improved, and confidence in policy support has been reinforced.",{"type":591,"attrs":2847,"content":2848},{"textAlign":49},[2849,2851,2856],{"text":2850,"type":596},"With constrained supply elasticity and improving sentiment, ",{"text":2852,"type":596,"marks":2853},"price is again the key adjustment variable",[2854],{"type":605,"attrs":2855},{"href":2530,"uuid":49,"anchor":49,"target":49,"linktype":1047},{"text":2857,"type":596}," in China, and international markets will likely follow.","Lithium prices in China have risen sharply this week, driven by the convergence of steadily tightening inventories, improving demand expectations, and improved macroeconomic sentiment. Battery-grade lithium carbonate and hydroxide inventories in China have been consistently drawn down since September 2025 and are now lower than at any time in 2025. With inventories depleted, the market […]",[2860],{"slug":544,"name":543,"content":2861},{"job_title":557,"image":2862,"bio":548,"linkedin":555,"markets_covered":8},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"68f0d5fe-8c6d-47c3-8e17-7069e0d4f9a3\", \"id\": \"\"}-->",[2865,2866],{"slug":767,"name":768},{"slug":773,"name":8},{"id":49,"alt":2868,"name":547,"focus":547,"title":2868,"source":547,"filename":2869,"copyright":547,"fieldtype":553,"meta_data":2870,"is_external_url":51},"EXW lithium carbonate and lithium hydroxide prices in China compared to chemical inventory levels. Chart title: Tightening inventory levels increase price sensitivity to regulatory actions","https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1767715582/www-production/Socials-Li-carbonate_hydroxide-EXW-China-Price-vs-Inventory@2x/Socials-Li-carbonate_hydroxide-EXW-China-Price-vs-Inventory@2x.png?_i=AA",{"alt":2868,"title":2868,"source":547,"copyright":547},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":2872,"copyright":547,"fieldtype":553,"meta_data":2873,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/e2fc7a6dc0/bm-collage-prices-6.png",{"alt":547,"title":547,"source":547,"copyright":547},"Lithium prices in China have risen sharply this week, driven by the convergence of steadily tightening inventories, improving demand expectations, and improved macroeconomic sentiment.  […]","Jan 06, 2026",{"id":2877,"uuid":708,"name":2878,"slug":2879,"full_slug":2880,"content":2881},133953876527230,"What do the recent Jiangxi permit cancellations mean for the lithium industry?","what-do-the-recent-jiangxi-permit-cancellations-mean-for-the-lithium-industry","article/what-do-the-recent-jiangxi-permit-cancellations-mean-for-the-lithium-industry",{"_uid":2882,"date":2883,"tags":2884,"editor":2887,"content":2891,"excerpt":3011,"featured":51,"reporter":3012,"_editable":3016,"component":763,"seo_title":3017,"categories":3018,"visibility":1440,"author_company":49,"data_vis_image":3021,"featured_image":3023,"seo_description":3026,"author_full_name":49,"author_job_title":49,"formattedDate":3027},"d9c9b965-2f06-4ee5-9455-56090740e67e","2026-01-05 00:00",[2885,2886],{"slug":572,"name":573},{"slug":575,"name":576},[2888],{"slug":579,"name":580,"content":2889},{"job_title":582,"image":2890,"bio":585,"linkedin":586},{"filename":584},{"type":588,"content":2892},[2893,2911,2916,2936,2944,2949,2954,2967,2972,2983,2996,3001,3006],{"type":591,"attrs":2894,"content":2895},{"textAlign":49},[2896,2898,2903,2905,2909],{"text":2897,"type":596},"Benchmark’s long-held view that ",{"text":2899,"type":596,"marks":2900},"regulatory enforcement",[2901],{"type":605,"attrs":2902},{"href":2530,"uuid":49,"anchor":49,"target":49,"linktype":1047},{"text":2904,"type":596}," across China’s lithium sector is consistently tightening, rather than being episodic, was supported by the cancellation of 27 expired mining licences across ",{"text":576,"type":596,"marks":2906},[2907],{"type":605,"attrs":2908},{"href":2502,"uuid":49,"anchor":49,"target":49,"linktype":1047},{"text":2910,"type":596}," by Chinese regulators in mid-December and the issuance of an Action Plan for Comprehensive Solid Waste Management.",{"type":591,"attrs":2912,"content":2913},{"textAlign":49},[2914],{"text":2915,"type":596},"While neither development removes active lithium supply from the market, together they underline a sustained shift toward stricter supervision of mining activity, environmental compliance, and waste management.",{"type":591,"attrs":2917,"content":2918},{"textAlign":49},[2919,2921,2927,2929,2934],{"text":2920,"type":596},"The news comes as ",{"text":2922,"type":596,"marks":2923},"lithium inventory",[2924],{"type":605,"attrs":2925},{"href":2926,"uuid":49,"anchor":49,"target":49,"linktype":1047},"https://source.benchmarkminerals.com/article/lithium-chemical-prices-fall-as-inventory-builds",{"text":2928,"type":596}," levels tighten, increasing market sensitivity to any constraint on supply responsiveness. In such conditions, regulatory actions that affect how supply operates, even without immediate volume loss, can have an outsized influence on ",{"text":2930,"type":596,"marks":2931},"price behaviour",[2932],{"type":605,"attrs":2933},{"href":2632,"uuid":49,"anchor":49,"target":49,"linktype":1047},{"text":2935,"type":596},".",{"type":635,"attrs":2937},{"id":2938,"body":2939},"6d7482c3-140c-4ee2-91e7-46f9707cc833",[2940],{"id":2941,"_uid":2942,"type":642,"_editable":2943,"component":643,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"27074157","i-064443cb-7d3a-46cc-a324-56a8f775b40b","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-064443cb-7d3a-46cc-a324-56a8f775b40b\", \"id\": \"\"}-->",{"type":717,"attrs":2945,"content":2946},{"level":2465,"textAlign":49},[2947],{"text":2948,"type":596},"Which licences have been cancelled?",{"type":591,"attrs":2950,"content":2951},{"textAlign":49},[2952],{"text":2953,"type":596},"All affected licences had long expired, in some cases as early as 2009, and none represented operating lithium mines. The only mica-related permit referenced, Jiangte’s Shiziling Project, had already ceased production and did not renew its licence after expiry in September 2024. The move is best understood as an enforcement clean-up of dormant or “zombie” mining rights, signalling intent rather than removing tonnes.",{"type":591,"attrs":2955,"content":2956},{"textAlign":49},[2957,2959,2965],{"text":2958,"type":596},"That intent has been building for more than a year. Benchmark first highlighted rising ",{"text":2960,"type":596,"marks":2961},"regulatory risk in Jiangxi in September 2024",[2962],{"type":605,"attrs":2963},{"href":2964,"uuid":49,"anchor":49,"target":49,"linktype":1047},"https://source.benchmarkminerals.com/article/what-does-the-reported-shutdown-of-catls-mine-mean-for-the-lithium-market",{"text":2966,"type":596},", when CATL’s mine was reported to have shut. This appeared to be asset-specific at the time but, in hindsight, was an early sign of tightening oversight.",{"type":717,"attrs":2968,"content":2969},{"level":2465,"textAlign":49},[2970],{"text":2971,"type":596},"What does the Action Plan for Comprehensive Solid Waste Management mean for lithium?",{"type":591,"attrs":2973,"content":2974},{"textAlign":49},[2975,2977,2982],{"text":2976,"type":596},"In late 2024, amendments to China’s Mineral Resources Law were adopted, introducing a new chapter on supervision and administration and granting regulators enforcement powers beyond advisory inspections, an inflection point ",{"text":2978,"type":596,"marks":2979},"Benchmark flagged ahead of implementation",[2980],{"type":605,"attrs":2981},{"href":2530,"uuid":49,"anchor":49,"target":49,"linktype":1047},{"text":2935,"type":596},{"type":591,"attrs":2984,"content":2985},{"textAlign":49},[2986,2988,2994],{"text":2987,"type":596},"Enforcement became more visible in mid-2025. In July, ",{"text":2989,"type":596,"marks":2990},"Benchmark reported that eight lithium mines in Yichun",[2991],{"type":605,"attrs":2992},{"href":2993,"uuid":49,"anchor":49,"target":49,"linktype":1047},"https://source.benchmarkminerals.com/article/eight-lithium-mines-in-yichun-jiangxi-found-to-have-permit-issues",{"text":2995,"type":596}," were found to have permitting issues following inspections linked to the revised framework, before regulators signalled a broader intention to slow disorderly lithium expansion.",{"type":591,"attrs":2997,"content":2998},{"textAlign":49},[2999],{"text":3000,"type":596},"Against that backdrop, the State Council’s Action Plan for Comprehensive Solid Waste Management should be read as reinforcement rather than escalation. The plan formalises environmental and solid waste controls that have increasingly shaped lithium operations over the past year. It does so by promoting integrated mining and beneficiation, local tailings backfilling, and reclamation, and by restricting approval of processing projects that lack compliant waste disposal arrangements.",{"type":717,"attrs":3002,"content":3003},{"level":2465,"textAlign":49},[3004],{"text":3005,"type":596},"What do these actions mean for the lithium market?",{"type":591,"attrs":3007,"content":3008},{"textAlign":49},[3009],{"text":3010,"type":596},"Together, these developments align with Benchmark’s earlier assessment that regulatory enforcement in China is becoming more systematic and durable. With inventories low, this matters less for immediate supply volumes and more for market elasticity: reduced flexibility in how lithium supply responds increases the likelihood that price, rather than rapid supply adjustment, will be the primary driving force for market rebalancing.","Benchmark’s long-held view that regulatory enforcement across China’s lithium sector is consistently tightening, rather than being episodic, was supported by the cancellation of 27 expired mining licences across Jiangxi by Chinese regulators in mid-December and the issuance of an Action Plan for Comprehensive Solid Waste Management. While neither development removes active lithium supply from the […]",[3013],{"slug":544,"name":543,"content":3014},{"job_title":557,"image":3015,"bio":548,"linkedin":555,"markets_covered":8},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"d9c9b965-2f06-4ee5-9455-56090740e67e\", \"id\": \"\"}-->","What do the Jiangxi permit cancellations mean for lithium?",[3019,3020],{"slug":767,"name":768},{"slug":773,"name":8},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":3022},{},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":3024,"copyright":547,"fieldtype":553,"meta_data":3025,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/39e88178e2/bm-china-flag.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Benchmark’s long-held view that regulatory enforcement across China’s lithium sector is consistently tightening, rather than being episodic, was supported by the cancellation of 27 expired mining licences across Jiangxi by Chinese regulators in mid-Dec...","Jan 05, 2026",{"id":3029,"uuid":3030,"name":3031,"slug":3032,"full_slug":3033,"content":3034},133953924315271,"d6542838-0f53-455f-9d44-f7f7018e4d8c","View from the ground in Argentina: A defining moment for DLE","view-from-the-ground-in-argentina-a-defining-moment-for-dle","article/view-from-the-ground-in-argentina-a-defining-moment-for-dle",{"_uid":3035,"date":3036,"tags":3037,"editor":3042,"content":3046,"excerpt":3250,"featured":51,"reporter":3251,"component":763,"seo_title":3031,"categories":3255,"visibility":1440,"author_company":547,"data_vis_image":3257,"featured_image":3259,"seo_description":3262,"author_full_name":547,"author_job_title":547,"formattedDate":3263},"4e093919-522e-40c9-8c28-8aa0cb8f2dc2","2025-12-16 00:00",[3038,3041],{"slug":3039,"name":3040},"dle","DLE",{"slug":2185,"name":2186},[3043],{"slug":2192,"name":2193,"content":3044},{"job_title":2195,"image":3045,"bio":2198,"linkedin":2199},{"filename":2197},{"type":588,"content":3047},[3048,3059,3064,3077,3085,3090,3095,3100,3105,3110,3115,3124,3131,3136,3141,3146,3151,3156,3161,3166,3171,3176,3183,3188,3193,3198,3203,3208,3217,3222,3227,3232,3237],{"type":591,"attrs":3049,"content":3050},{"textAlign":49},[3051,3053,3057],{"text":3052,"type":596},"Argentina has long been central to the global ",{"text":773,"type":596,"marks":3054},[3055],{"type":605,"attrs":3056},{"href":2442,"uuid":49,"anchor":49,"target":836,"linktype":1047},{"text":3058,"type":596}," industry, including the pioneering of direct lithium extraction (DLE) by FMC at Fenix some 29 years ago. China’s Qinghai is home to several commercially operating DLE projects, most are based on the technology used at Fenix. ",{"type":591,"attrs":3060,"content":3061},{"textAlign":49},[3062],{"text":3063,"type":596},"Many new projects are now looking to use DLE, but up until now, none have progressed to commercialiasation.",{"type":591,"attrs":3065,"content":3066},{"textAlign":49},[3067,3069,3075],{"text":3068,"type":596},"A recent visit by Benchmark’",{"text":3070,"type":596,"marks":3071},"s Lithium",[3072],{"type":605,"attrs":3073},{"href":3074,"uuid":49,"anchor":49,"target":836,"linktype":1047},"https://source.benchmarkminerals.com/article/benchmarks-lithium-carbonate-prices-reach-new-all-time-highs",{"text":3076,"type":596}," Product Director, Cameron Perks, suggests that this is about to change with Eramet’s Centenario project now at ~70% of capacity and already partially producing battery grade material.",{"type":591,"attrs":3078,"content":3079},{"textAlign":49},[3080],{"type":3081,"attrs":3082},"image",{"id":49,"alt":547,"src":3083,"title":49,"source":49,"copyright":49,"meta_data":3084},"https://res.cloudinary.com/benchmarkminerals/images/w_361,h_271,c_scale/f_auto,q_auto/v1765894005/www-production/cam-in-argentina_1351109742e8/cam-in-argentina_1351109742e8.jpg?_i=AA",{},{"type":591,"attrs":3086,"content":3087},{"textAlign":49},[3088],{"text":3089,"type":596},"Benchmark’s Lithium Product Director, Cameron Perks",{"type":591,"attrs":3091,"content":3092},{"textAlign":49},[3093],{"text":3094,"type":596},"With a final push, Centario will become the first pure-play DLE project utilising a new generation of DLE technology to come online, and characterises a meaningful inflection point for the lithium industry’s assessment of DLE risk, scalability, and cost competitiveness. ",{"type":591,"attrs":3096,"content":3097},{"textAlign":49},[3098],{"text":3099,"type":596},"Meanwhile, Rio Tinto will flex its balance sheet, operational experience at nearby Rincon to become the next DLE project to come online after Eramet. ",{"type":717,"attrs":3101,"content":3102},{"level":2465,"textAlign":49},[3103],{"text":3104,"type":596},"Industrial DLE is not new, but this is different",{"type":591,"attrs":3106,"content":3107},{"textAlign":49},[3108],{"text":3109,"type":596},"Argentina is not experimenting with DLE for the first time. Fénix has been producing lithium via DLE-related processes for nearly 30 years, offering a long-standing proof point that DLE can operate profitably in Argentina’s remote Hombre Muerto salar.",{"type":591,"attrs":3111,"content":3112},{"textAlign":49},[3113],{"text":3114,"type":596},"What distinguishes the current moment is the emergence of new-build facilities designed end-to-end around DLE, in completely different salars, by new-comers to the industry.",{"type":591,"attrs":3116,"content":3117},{"textAlign":49},[3118,3120,3122],{"text":3119,"type":596},"Eramet’s advanced Centenario project is purpose-built with DLE as the core process, supported by a fully integrated downstream flowsheet incorporating membrane concentration, mechanical vapour recompression (MVR), and impurity removal. At the time of Benchmark’s visit, the facility was operating at approximately ",{"text":3121,"type":596},"70% of nameplate capacity",{"text":3123,"type":596},", with ramp-up progressing toward stable commercial production.",{"type":591,"attrs":3125,"content":3126},{"textAlign":49},[3127],{"type":3081,"attrs":3128},{"id":49,"alt":547,"src":3129,"title":49,"source":49,"copyright":49,"meta_data":3130},"https://res.cloudinary.com/benchmarkminerals/images/w_768,h_1024,c_scale/f_auto,q_auto/v1765893970/www-production/WhatsApp-Image-2025-12-12-at-4.27.52-AM-1/WhatsApp-Image-2025-12-12-at-4.27.52-AM-1.jpeg?_i=AA",{},{"type":591,"attrs":3132,"content":3133},{"textAlign":49},[3134],{"text":3135,"type":596},"MRV unit at Eramet’s Centenario project",{"type":591,"attrs":3137,"content":3138},{"textAlign":49},[3139],{"text":3140,"type":596},"Benchmark also visited Rio Tinto’s lithium assets in Argentina, including both the long-established Fénix operation and the newer Rincón project.",{"type":591,"attrs":3142,"content":3143},{"textAlign":49},[3144],{"text":3145,"type":596},"Fénix remains a mature, de-risked operation, with stable wells, consistent flowsheets, and decades of reservoir performance data. Its longevity continues to demonstrate that DLE can support long mine lives when geology, chemistry, and operating discipline are aligned.",{"type":591,"attrs":3147,"content":3148},{"textAlign":49},[3149],{"text":3150,"type":596},"Rincón, by contrast, remains in a pilot-scale phase. While Rio Tinto has clear ambitions for the asset, the project has not yet reached industrial maturity. DLE media selection is still pending, and demonstration plant challenges were observed, highlighting the execution and integration challenges involved in scaling DLE from pilot to industrial operation.",{"type":717,"attrs":3152,"content":3153},{"level":2465,"textAlign":49},[3154],{"text":3155,"type":596},"Eramet: DLE as a core business, not an experiment",{"type":591,"attrs":3157,"content":3158},{"textAlign":49},[3159],{"text":3160,"type":596},"For Eramet, DLE is not peripheral to the company’s future facing strategy, it is central to it. ",{"type":591,"attrs":3162,"content":3163},{"textAlign":49},[3164],{"text":3165,"type":596},"The project reflects nearly a decade of end-to-end testing, flowsheet optimisation, and in-house sorbent development. ",{"type":591,"attrs":3167,"content":3168},{"textAlign":49},[3169],{"text":3170,"type":596},"Redundancy is embedded throughout the plant design, supporting operational continuity during ramp-up. Early battery-grade production has already been achieved, even before final polishing stages are fully optimised; a strong signal of underlying flowsheet robustness.",{"type":591,"attrs":3172,"content":3173},{"textAlign":49},[3174],{"text":3175,"type":596},"While challenges remain, particularly around reagent supply and energy costs, Centenario’s progress materially lowers perceived execution risk for future pure-play DLE developments.",{"type":591,"attrs":3177,"content":3178},{"textAlign":49},[3179],{"type":3081,"attrs":3180},{"id":49,"alt":547,"src":3181,"title":49,"source":49,"copyright":49,"meta_data":3182},"https://res.cloudinary.com/benchmarkminerals/images/w_768,h_1024,c_scale/f_auto,q_auto/v1765893847/www-production/WhatsApp-Image-2025-12-12-at-4.27.51-AM_1351105c615c/WhatsApp-Image-2025-12-12-at-4.27.51-AM_1351105c615c.jpeg?_i=AA",{},{"type":717,"attrs":3184,"content":3185},{"level":2465,"textAlign":49},[3186],{"text":3187,"type":596},"Cost drivers and technical convergence",{"type":591,"attrs":3189,"content":3190},{"textAlign":49},[3191],{"text":3192,"type":596},"Across both operators, several consistent technical themes emerged:",{"type":591,"attrs":3194,"content":3195},{"textAlign":49},[3196],{"text":3197,"type":596},"These insights are increasingly convergent across operators, suggesting that DLE cost structures are becoming better understood — even if project-specific outcomes will continue to vary.",{"type":717,"attrs":3199,"content":3200},{"level":2465,"textAlign":49},[3201],{"text":3202,"type":596},"Policy reset supports long-term capital, cautiously",{"type":591,"attrs":3204,"content":3205},{"textAlign":49},[3206],{"text":3207,"type":596},"Meetings with macroeconomic and policy stakeholders in Buenos Aires highlighted a concerted effort to stabilise Argentina’s economy and re-establish credibility with international capital.",{"type":591,"attrs":3209,"content":3210},{"textAlign":49},[3211,3213,3215],{"text":3212,"type":596},"The introduction of the ",{"text":3214,"type":596},"RIGI framework",{"text":3216,"type":596}," is emerging as a practical enabler of project development, particularly for mining, by providing regulatory certainty across both national and provincial jurisdictions. While structural risks remain, there is broad political alignment behind export-led growth in mining and energy, and a clear recognition of the sector’s importance to future foreign exchange generation.",{"type":591,"attrs":3218,"content":3219},{"textAlign":49},[3220],{"text":3221,"type":596},"For lithium developers, this backdrop modestly improves the probability of project advancement, particularly for assets able to demonstrate technical readiness and capital discipline.",{"type":717,"attrs":3223,"content":3224},{"level":2465,"textAlign":49},[3225],{"text":3226,"type":596},"What this means for the industry",{"type":591,"attrs":3228,"content":3229},{"textAlign":49},[3230],{"text":3231,"type":596},"The successful ramp-up of Eramet’s Centenario project changes the nature of the global DLE conversation. The question is no longer whether DLE can work at scale, but where it works best, at what cost, and with which trade-offs.",{"type":591,"attrs":3233,"content":3234},{"textAlign":49},[3235],{"text":3236,"type":596},"As a result, Benchmark expects 2026 to be a high-activity year for DLE-related evaluation, including increased developer inquiries, investor due diligence, and reassessment of brine assets previously considered marginal under evaporation-based models.",{"type":591,"attrs":3238,"content":3239},{"textAlign":49},[3240,3242,3248],{"text":3241,"type":596},"With first-hand exposure to both legacy and new-build DLE operations, Benchmark is well positioned to support this next phase through independent cost analysis, supply ",{"text":3243,"type":596,"marks":3244},"forecasting",[3245],{"type":605,"attrs":3246},{"href":3247,"uuid":49,"anchor":49,"target":836,"linktype":1047},"https://www.benchmarkminerals.com/intelligence",{"text":3249,"type":596},", and strategic advisory work grounded in observed plant performance rather than theory.","Argentina has long been central to the global lithium industry, including the pioneering of direct lithium extraction (DLE) by FMC at Fenix some 29 years ago. China’s Qinghai is home to several commercially operating DLE projects, most are based on the technology used at Fenix. Many new projects are now looking to use DLE, but […]",[3252],{"slug":544,"name":543,"content":3253},{"job_title":557,"image":3254,"bio":548,"linkedin":555,"markets_covered":8},{"filename":552},[3256],{"slug":773,"name":8},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":3258},{},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":3260,"copyright":547,"fieldtype":553,"meta_data":3261,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1765893785/www-production/WhatsApp-Image-2025-12-12-at-4.27.55-AM/WhatsApp-Image-2025-12-12-at-4.27.55-AM.jpeg?_i=AA",{"alt":547,"title":547,"source":547,"copyright":547},"Argentina has long been central to the global lithium industry, including the pioneering of direct lithium extraction (DLE) by FMC at Fenix some 29 years ago. China’s Qinghai is home to several commercially operating DLE projects, most are based ...","Dec 16, 2025",1783010467139]